Saudi Arabia’s PIF announces Diriyah as its fifth giga project

Saudi Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and chairman of the sovereign wealth fund, Public Investment Fund (PIF), has announced the Diriyah Project as the fund’s fifth giga project.

The Diriyah Project, which has significant historic, cultural, and political value for the country, includes the Turaif District UNESCO World Heritage Site.

Diriyah offers visitors the opportunity to explore and get to know Saudi history and culture at the city’s museums and purpose-built pavilions.

In line with PIF’s strategy

Giga projects form a key pillar of PIF’s overall strategy to create new economic ecosystems and sectors that drive economic growth and diversification in Saudi Arabia, as well as enable investment opportunities across multiple sectors.

The Diriyah Project aligns with PIF’s strategy to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination. In addition to its latest acquisition, the fund’s portfolio includes the NEOM, Red Sea, Qiddiya and Roshn projects.

The Diriyah giga project is expected to create partnerships with the local private sector and unlock new investment opportunities throughout its development and production phases in sectors such as construction, operation and management of hotels, retail, entertainment, and cultural facilities.

It will also help create thousands of new job opportunities and provide a series of initiatives for residents and visitors.

The Diriyah Gate Development Authority, which managed Diriyah’s development, will continue its regulatory and supervisory role in maintaining the heritage and history of Diriyah.