Saudi crown prince and prime minister Mohammed bin Salman has
announced Diriyah Project as fifth PIF-backed giga-project.
The project is in line with PIF’s strategy to unlock the
potential of various promising sectors, including tourism and culture.
According to PIF, giga-projects are an important component of
fund’s strategy due to their ability to create new economic ecosystems that
drive economic growth and diversification in the kingdom.
The Diriyah project is a globally significant destination that
includes the Turaif District UNESCO World Heritage Site. The project will give
opportunity to tourists to explore Saudi Arabia’s rich history and culture at
the city’s museums and purpose-built pavilions.
The Diriyah giga-project is expected to enable many strategic
domestic sectors, create partnerships with the local private sector, and unlock
many new investment opportunities in the kingdom.
Established by a royal order in 2017, Diriyah Gate Development
Authority will continue its regulatory and supervisory role for Diriyah, which
includes Turaif district, a UNESCO world heritage site.
The other four giga-projects of PIF are Neom, the Red Sea,
Qiddiya and Roshn.
Source: Alarabiya English
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