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The Crown Prince announces the Diriyah project as the fifth major project of the Investment Fund

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Board of Directors of the Saudi Public Investment Fund, announced today, Monday, the inclusion of the Diriyah project as the fifth major project owned by the Public Investment Fund, to become one of the unique projects of its kind in the world. It is rich in cultural, heritage and tourist attractions.

The announcement comes as an extension and confirmation of the Crown Prince’s efforts with regard to all the main elements that make up the national identity and Saudi culture, including the Diriyah project, and the historical, cultural and political value it constitutes in the 300-year history of the Saudi state.

The Diriyah project is important because it embraces many of the Kingdom’s cultural and heritage landmarks, such as the historic Turaif neighborhood, which is one of the sites listed on the UNESCO World Heritage List, in addition to many heritage elements that will make the project an attractive and unique destination, to provide its visitors with unique experiences that allow them to learn about the history of the city. The Kingdom and the authentic Saudi culture, by hosting cultural and historical events and visiting museums and various facilities, according to the Saudi Press Agency, SPA.

Major projects represent a fundamental pillar of the Public Investment Fund’s strategy, in terms of scope and ambition, with its capabilities to develop new infrastructure development systems and launch many promising sectors, whose positive impact extends to supporting diversification efforts and economic development in the Kingdom, in addition to enhancing opportunities investment in many sectors.

The portfolio of major projects of the Public Investment Fund includes projects: NEOM, the Red Sea, Qiddiya, Roshan and Diriyah.

The Diriyah project will contribute to empowering many strategic local sectors, in addition to creating opportunities for partnership with the private sector, and launching a set of new investment opportunities in the project through the various stages of development and implementation. These include building, constructing, operating and managing hotels, residential units, shopping centers, entertainment and cultural facilities. The project will also contribute to providing thousands of job opportunities and presenting initiatives that contribute to raising the quality of life in the region.

The Diriyah Gate Development Authority, which was established by royal order in 2017, will continue to carry out its regulatory and supervisory tasks for its geographical scope, in order to preserve the heritage and history of Diriyah, in addition to its responsibilities represented in serving the community of the people of Diriyah and in confirming the continuity of providing full support for the Diriyah project to become one of the most important tourist destinations in the world. .

The Diriyah project is in line with the Public Investment Fund’s strategy to achieve the goals of the Kingdom’s Vision 2030 and diversify the local economy, by contributing to the development and empowerment of vital sectors such as the tourism and culture sectors, which enhances the Kingdom’s position regionally and internationally as a leading tourist and cultural destination.

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