Diriyah Company has announced that it has received SAR 2bn ($533m) funding from Arab National Bank towards the development of its portfolio of multiple branded residential projects across its 14 sq km Diriyah masterplan and 62 sq km Wadi Safar masterplan. Under the company’s long-term development plans, it aims to deliver 18,000 homes to accommodate approximately 100,000 residents across Diriyah and Wadi Safar.
This transaction marks the first financing agreement between Arab National Bank and Diriyah Company and strengthens private-sector participation in the development of the Diriyah giga-project.
The financing will support the ongoing development of Diriyah Company’s portfolio of branded residences across its 14 sq km Diriyah masterplan and 62 sq km Wadi Safar masterplan, said Jerry Inzerillo, Group CEO of Diriyah Company, after signing the deal with Louai Alzaher, Chief Wholesale Bank Officer at anb.
The residential development programme forms part of a wider masterplan including luxury residences, hotels, cultural and educational facilities, entertainment destinations, sports facilities and supporting infrastructure.
Diriyah Company’s branded residences portfolio comprises over 300 units, forming a key component of its broader residential strategy. Jerry adds the financing agreement demonstrates continued confidence from financial institutions and institutional investors in Diriyah’s long-term development ambitions.
The company’s branded residences portfolio represents a flagship element of its wider strategy to establish a world-class residential destination within the Diriyah and Wadi Safar masterplans.
