Mohammad bin Salman bin Abdulaziz, the crown prince of Saudi Arabia, has confirmed Diriyah as the Public Investment Fund’s (PIF) fifth giga-project.
Saudi’s entertainment sector is rapidly growing. Diriyah, located on the edge of Riyadh, joins the country’s existing giga-projects – Neom, Red Sea, Qiddiya and Roshn.
The $50 billion Diriyah development is part of the PIFs attempts to diversify the economy, reducing the kingdom’s reliance on oil.
Diriyah is a culture and lifestyle destination with entertainment, dining and shopping. It also includes At-Turaif, a historical district and UNESCO World Heritage Site.
New culture and lifestyle destination
The site will be home to world-class cultural and educational offerings. It includes 38 hotels, a collection of museums, and a retail area.
Residents and visitors will learn about Saudi’s history at the museums. Highlights also include a period village and an arts district with galleries, restaurants and retail experiences.
Diriyah Square will serve as the project’s commercial heart, boasting culture, retail, leisure and entertainment, as well as luxury hotels, and places to work and live.
“Diriyah Square has crafted a collection of the finest culture, hospitality, retail, leisure and entertainment assets,” said Jerry Inzerillo, CEO of Diriyah Gate Development Authority (DGDA).
“The project is set to become one of the world’s greatest gathering places, all in the vibrant heart of authentic Diriyah.”
In December, Diriyah Gate Development Authority (DGDA) announced a new Time Out Market for Diriyah Square, scheduled to open in 2027.
“Diriyah Square is one of the most extraordinary projects being developed in the world today, and we are thrilled to cultivate such a compelling opportunity for retailers, brands and operators to call Diriyah Square home,” added Jonathan Timms, president of Diriyah Development Company, a subsidiary of DGDA.
Meanwhile, Saudi Entertainment Ventures (SEVEN), a subsidiary of the PIF, is investing $13bn in the development of 21 entertainment destinations across 14 cities in the kingdom.
