Diriyah, a massive redevelopment of a historical site on the outskirts of the Saudi capital Riyadh, has become the fifth giga-project in the portfolio of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), according to reports.
Saudi Arabia’s sovereign wealth fund on Monday assumed control of the ambitious $50 billion development, a UNESCO World Heritage Site. Diriyah becomes the Public Investment Fund’s fifth giga-project, alongside the futuristic NEOM city; the Red Sea Global tourism development on the west coast; Qiddiya, the entertainment and lifestyle destination 40km from the Saudi capital; and ROSHN, the Kingdom’s largest residential property developer.
The development was previously under Diriyah Gate Development Authority (DGDA), which will continue its supervision, SPA said, citing an announcement by the Saudi crown prince.
The Diriyah development will feature luxury hotels and restaurants built in traditional Najdi architectural style, alongside conservation areas and cultural venues, notes Arab News.
Founded in the 15th century, Diriyah was the original home to the House of Saud. In 1745, the city was named the capital, laying the foundations for what would later become a unified Saudi Arabia.
“These cultural and historical aspects position Diriyah as an unrivaled destination of global significance where the authenticity of Saudi heritage can be celebrated, revealing the historic origins of modern Saudi Arabia,” a spokesman said, per Arab News.
