Signing ceremony
Diriyah Co. signed a financing agreement with Banque Saudi Fransi (BSF) worth SAR 6 billion ($1.6 billion) to develop the master plan for Wadi Safar, according to a statement issued today, March 12, and picked up by Argaam.
Wadi Safar is one of three major projects being developed by Diriyah. Spanning 62 square kilometers, work on the project began in July 2024. It will feature the Royal Diriyah Equestrian and Polo Club, four world-class hotels, and a renowned 27-hole golf course.
According to data available on Argaam, Diriyah signed a construction contract in July 2024 for four luxury hotels and the Royal Diriyah Equestrian and Polo Club in Wadi Safar. The contract, valued at SAR 8 billion, was awarded to Urbacon Saudi Co. and Al Bawani Holding as part of the area's master plan.
Wadi Safar is expected to be ready to welcome visitors during Expo 2030, according to Jerry Inzerillo, CEO of Diriyah Co., in a statement to Argaam in January 2024.
In June 2020, the the Diriyah Gate Development Authority (DGDA) began implementing the first phase of the rehabilitation and development of historic Diriyah, with an investment of SAR 75 billion. The master plan covers an area of 7 square kilometers and includes various tourism, entertainment, and cultural attractions.
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