Crown Prince announces Diriyah as PIF’s fifth giga-project

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, and Chairman of the Public Investment Fund (PIF), announced today, Jan. 9, Diriyah as the sovereign wealth fund’s fifth giga-project.

The announcement reflects the Crown Prince’s efforts in enabling the Saudi cultural identity, which includes the Diriyah Project due to its historic, cultural, and political value proudly showcasing to the world Saudi Arabia’s 300 years of history, the state-run SPA reported.

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

Giga-projects form a key pillar of the fund’s overall strategy. 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.

Diriyah 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.

The Diriyah Project aligns with PIF’s strategy to focus on unlocking the capabilities of promising sectors, including the tourism and culture sectors, to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination.