BSF and Diriyah Co. Sign $1.6bn Deal for Wadi Safar Project Development

RIYADH:?Banque Saudi Fransi (BSF) has signed a financing deal worth SR6 billion ($1.6 billion) with Diriyah Co. to support the development of the Wadi Safar project. This agreement highlights the private sector’s role in Saudi Arabia’s economic growth.?

The Wadi Safar project is a key component of the larger Diriyah area, which aims to attract over 50 million visitors by 2030. The development will include premium residential properties, luxury hospitality facilities, recreational venues, and commercial spaces. It is designed to create an upscale, gated community within Riyadh, featuring three major resorts — Six Senses, Aman, and Oberoi — along with the Greg Norman-designed Royal Diriyah Golf Club.?

The project aligns with Saudi Vision 2030’s goal of enhancing tourism and economic diversification. The Diriyah Gate Development Authority has set an example by blending heritage preservation with modern development, as seen with Al-Bujairi Terrace, a major tourist attraction since 2022.?

BSF’s CEO, Bader Al-Salloom, and Diriyah Co.’s CEO, Jerry Inzerillo, emphasized that this partnership will enhance Diriyah’s cultural and historical significance while promoting sustainable development.?

The Wadi Safar project, announced in December 2023, is one of Diriyah Co.’s key initiatives. It spans approximately 62 sq. km and is expected to contribute SR18.6 billion to Saudi Arabia’s GDP while generating around 178,000 job opportunities.?

This financing agreement reflects BSF’s commitment to supporting large-scale infrastructure and tourism projects that contribute to Saudi Arabia’s economic growth.?