Diriyah signs SAR 2B financing deal with ANB

Snapshot of the agreement signing

Diriyah Co. and Arab National Bank (ANB) signed a SAR 2 billion ($533 million) financing agreement to develop a portfolio of serviced residences in Diriyah and Wadi Safar, marking the first partnership between the two parties.

The agreement will support the development of luxury residential units for several global hotel brands across the Diriyah and Wadi Safar projects, as part of Diriyah’s efforts to develop various assets within the 14-square-kilometer Diriyah masterplan and the 62-square-kilometer Wadi Safar masterplan.

Wadi Safar includes a range of luxury residences and cultural and educational assets, as well as sports and entertainment facilities, according to the Saudi Press Agency (SPA).

Diriyah has so far awarded development contracts worth more than SAR 110 billion to a group of local and international companies, out of the project’s total value of SAR 236 billion.