Banque Saudi Fransi (BSF) and Diriyah Co. sign $1.6 billion deal to develop Wadi Safar

 

Banque Saudi Fransi signs $1.6 billion agreement to develop Wadi Safar

Banque Saudi Fransi (BSF) has signed a SR6 billion ($1.6 billion) financing agreement with Diriyah Company to support the development of the Wadi Safar project, reinforcing the private sector’s role in driving Saudi Arabia’s economic growth.

A key cultural and tourism destination within Diriyah, Wadi Safar is part of a broader vision to attract over 50 million visitors by 2030 while supporting major national initiatives. The project aligns with Saudi Vision 2030’s ambition to transform the Kingdom into a global tourism hub.

During the signing ceremony, Bader Al-Salloom, CEO of BSF, and Jerry Inzerillo, CEO of Diriyah Co., emphasized the strategic importance of this collaboration in fostering sustainable development and enhancing Diriyah’s reputation as a premier cultural and historical destination.

 

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“This agreement underscores our commitment to supporting large-scale projects that drive infrastructure, tourism, and economic growth in Saudi Arabia,” BSF stated.

A Visionary Development

Unveiled in December 2023, the Wadi Safar project spans 62 sq. km and is designed as an upscale residential and leisure community. It will feature:

• Luxury hospitality – Home to three world-class resorts: Six Senses, Aman, and Oberoi
• Recreational & sports facilities – Including the Royal Diriyah Golf Club, featuring a Greg Norman-designed championship golf course
• High-end commercial & retail spaces – Offering premium real estate and investment opportunities

Economic Impact

The broader Diriyah development project is expected to:

• Create 178,000 jobs
• Contribute SR18.6 billion to Saudi Arabia’s GDP upon completion

Since its rebranding in June 2024, BSF has focused on backing transformative initiatives that blend cultural heritage with innovative, sustainable ventures—exemplified by Al-Bujairi Terrace, a major tourist attraction since 2022.

 

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This financing deal marks another milestone in positioning Diriyah as a world-class destination, solidifying its role as a cultural and economic powerhouse within the Kingdom.

Source: Arab News