Diriyah Company Secures $1.6 Billion Financing for Wadi Safar Project
Deal News | Mar 12, 2025 | Zawya
Bank Saudi Fransi (BSF) has entered into a financing agreement worth 6 billion Saudi riyals ($1.6 billion) with Diriyah Company for the development of the Wadi Safar project. This expansive project, part of the Diriyah urban initiative, aims to transform a 62 square kilometer area into a luxurious destination with a blend of residential, hospitality, recreational, and commercial spaces. By 2030, Diriyah seeks to create substantial economic contributions by generating 178,000 jobs and attracting 50 million visitors annually. This development is part of a broader effort to contribute significantly to Saudi Arabia's GDP and advance its urban landscape.
Sectors
- Real Estate Development
- Banking and Finance
- Tourism and Hospitality
Geography
- Saudi Arabia – The Wadi Safar project is located in Diriyah, which is part of Riyadh, and represents a significant national development within Saudi Arabia.
Industry
- Real Estate Development – The article discusses the development of the Wadi Safar project, which is a real estate and urban development initiative.
- Banking and Finance – Bank Saudi Fransi is providing significant financial support for the project, highlighting the role of banking in large infrastructure developments.
- Tourism and Hospitality – Wadi Safar aims to develop hospitality and recreational facilities, indicating its significance in the tourism industry.
Financials
- $1.6 billion – The financing amount provided by Bank Saudi Fransi to Diriyah Company for the Wadi Safar project.
- 6 billion Saudi riyals – The equivalent of $1.6 billion in Saudi riyals for the same financing agreement.
- SAR 18.6 billion ($5 billion) – The anticipated contribution of the Diriyah project to Saudi Arabia's GDP by 2030.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bank Saudi Fransi (BSF) | Financier | Company | A major Saudi bank that has provided $1.6 billion in financing for the Wadi Safar project. |
| Diriyah Company | Developer | Company | The company responsible for developing the Wadi Safar project within Diriyah's broader urban development plan. |
| Bader AlSalloom | CEO of BSF | Person | CEO of Bank Saudi Fransi, involved in signing the financing agreement. |
| Jerry Inzerillo | GCEO of Diriyah Company | Person | Group CEO of Diriyah Company, involved in signing the financing agreement. |
| Editing by Anoop Menon | Editor | Person | Editor for the press statement. |