Saudi Arabia’s $63.2bn Diriyah giga-project secures $533m financing for branded residences

Diriyah Company has secured $533m financing from Arab National Bank for branded residences within Saudi Arabia’s $63.2bn Diriyah giga-project.

Diriyah Company has secured SR2bn ($533m) in financing from Arab National Bank (anb) to support the development of branded residences across Diriyah and Wadi Safar in Saudi Arabia.

The deal comes as the company advances plans for more than 300 branded residences as part of a wider residential strategy targeting 18,000 homes for 100,000 residents across the two masterplans.

The financing agreement is the first between Arab National Bank and Diriyah Company.

It was signed by Group CEO of Diriyah Company Jerry Inzerillo and Chief Wholesale Bank Officer at anb Louai Alzaher.

Diriyah secures $533m for branded residences

The SR2bn ($533m) agreement will support the ongoing development of branded residences in Diriyah and Wadi Safar.

The residential projects form part of the company’s wider development of the 14 sq km Diriyah and 62 sq km Wadi Safar masterplans.

Plans across the two developments include residences, hotels, cultural and educational assets, and entertainment and sports facilities.

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.”

Diriyah plans 18,000 homes for 100,000 residents

The residential strategy will ultimately see Diriyah Company target 18,000 homes capable of accommodating 100,000 residents across Diriyah and Wadi Safar.

Its branded residences portfolio comprises more than 300 residences, according to the company.

Managing Director and CEO at anb Obaid Alrasheed highlighted the bank’s commitment to supporting national projects.

He also affirmed anb’s support for projects contributing to Diriyah’s continued development and the Kingdom’s development initiatives and economic growth.

$63.2bn Saudi giga-project awards more than $30bn in contracts

Diriyah Company has so far awarded more than SR110bn ($30bn) in major contracts for the wider giga-project. The overall development is valued at SR236bn ($63.2bn).

More than 63,000 workers are currently on site, according to the company.

The latest financing agreement adds to the capital supporting development across the Diriyah and Wadi Safar masterplans as the company progresses its residential and wider asset pipeline.