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Saudi Crown Prince ‘Mohammed Bin Salman’ Adds $50 Billion Diriyah As PIF’s 5th Giga-Project

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Saudi Crown Prince 'Mohammed Bin Salman' Adds $50 Billion Diriyah As PIF’s 5th Giga-Project

(CTN NEWS) – RIYADH – Saudi Arabia’s Crown Prince Mohammed bin Salman declared on Monday that the Diriyah Project will be the Public Investment Fund’s (PIF) sixth giga-project, joining Neom, the Red Sea, Qiddiya, and Roshn.

According to the crown prince, the initiative showcases Diriyah’s status as a special location with unique cultural, historical, and tourist attractions.

The Diriyah Gate Development Authority (DGDA) was created in 2017 by royal decree to aid in preserving Diriyah’s history and traditions.

The PIF will have full assistance from the DGDA as it works to make the Diriyah Project one of the most well-known tourist attractions in the entire globe, according to SPA.

The historic district of At-Turaif in Ad-Diriyah north-west of Riyadh. (Supplied)

According to SPA, megaprojects are a key component of the PIF’s overall strategy for reshaping regions of the Kingdom, establishing new industries that spur Saudi Arabia’s economic growth and diversification, and generating investment possibilities across many industries.

Throughout its development and production phases, the Diriyah giga-project is anticipated to enable numerous strategic domestic sectors, forge alliances with the local private sector.

And open up new investment opportunities in several industries, including the building, running, and management of hotels, shops, entertainment venues, and cultural facilities, according to SPA.

Diriyah’s mud-brick walls once housed a thriving desert city that was a powerhouse of culture and commerce.

The project will also assist in building several programs to enhance the quality of life for locals and visitors and thousands of new job possibilities.

The leadership’s efforts to strengthen Saudi Arabia’s cultural identity are reflected in the declaration.

The Turaif District UNESCO World Heritage Site and other notable historical and environmental landmarks may be found near the Diriyah Project, which is situated in the Kingdom’s historical heartland.

The Diriyah project will join the portfolio of Saudi Arabia’s Public Investment Fund. (@VisitDiriyah)

According to the SPA report, Diriyah is uniquely positioned to be a destination of worldwide significance where Saudi heritage may be researched and honored.

At the city’s museums and pavilions specifically designed for tourists, visitors will learn about the Kingdom’s history and culture.

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