Diriyah Company Secures $533 Million Financing from Arab National Bank

DIRIYAH, SAUDI ARABIA: Diriyah Company has secured a $533 million (SAR2 billion) financing agreement with Arab National Bank (anb) to support the development of branded residences across Diriyah and Wadi Safar.

The agreement was signed by Jerry Inzerillo, Group Chief Executive Officer of Diriyah Company, and Louai A. Alzaher, Chief Wholesale Bank Officer at Arab National Bank.

The financing marks the first agreement between anb and Diriyah Company and will support the delivery of residential assets across the developer's major masterplans.

Diriyah Company is developing a 14 sq km masterplan at Diriyah alongside the 62 sq km Wadi Safar destination, encompassing residences, hotels, cultural and educational assets, as well as entertainment and sports facilities.

Financing to Support Branded Residences

The new financing will contribute to the ongoing development of branded residences across both destinations.

Diriyah Company's wider residential strategy includes a portfolio of more than 300 branded residences, alongside plans to ultimately deliver 18,000 homes for 100,000 residents across Diriyah and Wadi Safar.

Commenting on the new deal, Diriyah Company Group CEO Jerry Inzerillo said: “This new agreement with anb shows once more the confidence of large-scale financial institutions and institutional investors in the long-term success and return on investment that Diriyah offers. Our 300+ branded residences portfolio is the flagship of our larger residential strategy to build 18,000 homes for 100,000 residents across Diriyah and Wadi Safar in the future.”

The agreement also reflects the increasing role of institutional financing in supporting the delivery of large-scale projects aligned with Saudi Arabia's Vision 2030 development programme.

Commenting on this occasion, Mr. Obaid Alrasheed - Managing Director and Chief Executive Officer at anb, expressed the anb’s pride to sign this agreement with Diriyah Company, emphasizing that it reflects anb’s commitment to supporting national projects and providing financing solutions that meet the evolving needs and aspirations of its clients. He added that anb’s participation in financing these projects in Diriyah represents an extension of its role in supporting national projects and destinations, contributing to the achievement of Saudi Vision 2030 objectives and promoting sustainable economic development. He further affirmed anb’s pride in supporting projects that contribute to Diriyah’s ongoing development, reinforcing anb’s position as a trusted financial partner in supporting the Kingdom’s development initiatives and economic growth.

More Than $30 Billion in Contracts Awarded

Construction is progressing across multiple assets and districts within Diriyah's 14 sq km development area, as well as neighbouring Wadi Safar.

To date, Diriyah Company has awarded more than $30 billion (SAR110 billion) in major contracts for the wider $63.2 billion (SAR236 billion) giga-project, with more than 63,000 workers currently on site.

The scale of contracting activity reflects the progression of the development from planning into construction across residential, hospitality, cultural and other components.

Building a New Destination Around Diriyah's Heritage

Located approximately 15 minutes from Riyadh city centre, Diriyah is being developed as a major historical, cultural, residential and lifestyle destination and forms a key component of Saudi Vision 2030.

The 14 sq km development is centred around Diriyah's historical significance as the birthplace of the Kingdom of Saudi Arabia, dating back to 1727, and is being developed as a Najdi-style mixed-use urban community.

At its heart is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, which contains the historic adobe capital of the First Saudi State dating back to 1766.

Upon completion, Diriyah is planned to accommodate more than 100,000 residents, workers, students and visitors, supported by cultural, entertainment, retail, hospitality, educational and residential destinations.

Among the first completed destinations are Bujairi Terrace, which features more than 20 global and local restaurants and cafés overlooking At-Turaif, and Bab Samhan, a Luxury Collection Hotel overlooking Wadi Hanifah.

The latest financing agreement adds further capital to the development programme as Diriyah Company progresses its residential strategy across Diriyah and Wadi Safar.