Saudi Arabia's Public Investment Fund announces Diriyah as its fifth giga-project

Riyadh: A new giga-project at Diriyah was announced by Saudi Arabia’s Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz on Monday.

The Diriyah project will be the fifth grand project of the Public Investment Fund, and will reflect Diriyah’s status as a unique destination with distinctive cultural, historical, and tourism landmarks.

The Diriyah project is at a globally significant destination that includes the Turaif District UNESCO World Heritage Site.

Through the project, tourists will have the opportunity to explore and get to know Saudi Arabia’s history, and its culture at the city’s museums and purpose-built pavilions.

Giga-projects form a key pillar of PIF’s overall strategy, as they are instrumental in creating new economic ecosystems and launching new sectors that drive economic growth and diversification in Saudi Arabia, as well as creating investment opportunities across multiple sectors. PIF’s giga-projects portfolio currently includes NEOM, Red Sea, Qiddiya, Roshn, and now Diriyah projects.

The Diriyah giga-project is expected to enable many strategic domestic sectors, create partnerships with the local private sector, and unlock many new investment opportunities throughout its development and production phases in sectors such as construction, operation and management of hotels, retail, entertainment, and cultural facilities, creating thousands of new job opportunities and providing a series of initiatives designed to contribute to enriching the quality of life for residents and visitors.

Established by Royal Order in 2017, the Diriyah Gate Development Authority (DGDA) will continue its regulatory and supervisory role in maintaining the heritage and history of Diriyah. DGDA will also continue serving the Diriyah community, while providing full support to establish the Diriyah project as one of the world’s most prominent tourist destinations.