Al-Dir'iya Company signed a financing agreement with the Arab National Bank worth 2 billion riyals ($533 million) to support the development of a group of hotel residences in the Al-Dir'iya and Wadi Safar projects, marking the first financing partnership between the two parties. The agreement aims to finance the construction of luxury residential units bearing international hotel brands, as part of Al-Dir’iya Company’s plans to develop the assets and components of the project’s master plan, which spans an area of 14 square kilometers, in addition to developing the master plan for Wadi Safar, which covers an area of 62 square kilometers.
Wadi Safar features a range of high-end residences and cultural and educational assets, in addition to facilities dedicated to sports and recreation. Jerry Inzerillo, CEO of the Ad-Dir’iya Group, said that the agreement reflects the confidence of major financial institutions and investors in the project’s long-term vision and the investment potential offered by Ad-Dir’iya’s projects. He added that the development of hotel-style residences is one of the main pillars of the company’s strategy, which aims to build 18,000 luxury residential units accommodating approximately 100,000 residents in Diriyah.
For his part, Obaid Al-Rashid, Managing Director and CEO of the Arab National Bank, affirmed the bank’s commitment to supporting national projects and participating in the financing of projects that contribute to the development taking place in Al-Dir’iya, noting the bank’s role as a financial partner for development projects and a supporter of economic growth in the Kingdom.
110 billion riyals in development contracts
The new financing agreement comes as development work on the Diriyah project continues; to date, the company has awarded development contracts to local and international firms totaling more than 110 billion riyals "$30 billion," out of the project’s total value of 236 billion riyals ($63 billion). Various areas of the project are witnessing rapid development, with the participation of more than 63,000 workers.
