Bank Saudi Fransi (BSF) has announced a significant financing agreement worth 6 billion Saudi riyals, equivalent to $1.6 billion, with Diriyah Company for the development of the Wadi Safar destination. The announcement was made on Wednesday, with the agreement signed by Bader AlSalloom, the CEO of BSF, and Jerry Inzerillo, the Group CEO of Diriyah Company, according to a press release issued by BSF.

Wadi Safar is one of the three major projects within Diriyah Company’s development plan, covering an expansive area of approximately 62 square kilometers. The project is designed to include a luxurious residential community, high-end hospitality facilities, recreational and sports venues, along with commercial and retail spaces. It aims to provide premium real estate units tailored to meet the needs of both investors and visitors in the Kingdom.

Diriyah is historically significant as the birthplace of the first Saudi state and represents a large urban initiative in Riyadh. The development plan for Diriyah aspires to create 178 000 jobs by 2030, attract 50 million annual visitors, and contribute SAR 18.6 billion, or $5 billion, to Saudi Arabia’s GDP.