Diriyah Company and Arab National Bank Sign SAR 2 Billion Financing Deal

Diriyah Company and Arab National Bank have signed a financing agreement worth 2 billion Saudi riyals (approximately USD 533 million) to develop a collection of luxury residential and hotel residences in the historic Diriyah area and Wadi Safar. The agreement, announced on 17 August 2026, represents the first strategic partnership between the two entities and marks a significant step in the ongoing development of one of Saudi Arabia’s most ambitious cultural and tourism destinations.

Context and Background

The agreement was signed by Jerry Inzerillo, Group CEO of Diriyah Company, and Luei Al-Zaer, Head of Corporate and Institutional Banking at Arab National Bank. It will facilitate the construction of luxury residential units owned by several international hotel brands within the expansive Diriyah and Wadi Safar master plans. Diriyah Company is currently developing the 14 square kilometer Diriyah project and the 62 square kilometer Wadi Safar project, which are central to Saudi Arabia’s Vision 2030 tourism and heritage objectives.

Wadi Safar, a key component of the development, will feature a mix of luxury residences, cultural and educational assets, alongside sports and entertainment facilities. The financing agreement is structured to support the development of these diverse assets, ensuring that the project maintains its ambitious timeline and quality standards.

Key Details

Jerry Inzerillo emphasized that the financing agreement underscores the confidence of major financial institutions and investors in the long-term vision of Diriyah and its investment potential. He noted that the development of hotel hospitality residences is a cornerstone of Diriyah’s strategy, which aims to deliver 18,000 luxury residential units to accommodate approximately 100,000 people.

Obaid Al-Rashid, CEO of Arab National Bank, reinforced the bank’s commitment to supporting national projects and participating in the financing of initiatives that advance Diriyah’s transformation. He added that this partnership reflects the bank’s role as a trusted financial partner in supporting Saudi Arabia’s economic development and the national economy. The agreement aligns with the bank’s broader goals of financing key strategic projects across the Kingdom.

Diriyah Company has already awarded numerous development contracts to both local and international firms, with a combined value exceeding SAR 110 billion (approximately USD 30 billion). The total project value is estimated at SAR 236 billion (around USD 63 billion), and the project is currently being accelerated with over 63,000 workers actively engaged across various sectors of the construction.

Implications and Impact

The financing agreement signals strong momentum for Diriyah’s development, a critical component of Saudi Arabia’s efforts to diversify its economy away from oil and promote tourism and culture. The injection of SAR 2 billion will enable the construction of internationally branded residences, which is expected to attract global investors and high-net-worth individuals, while also creating jobs and fostering local business opportunities. The partnership between a state-backed developer and a major domestic bank underscores the financial ecosystem’s confidence in Vision 2030’s major giga-projects.

This move aligns with Saudi Arabia’s broader strategy of transforming its tourism sector into a global destination, with Diriyah being positioned as a world-class heritage, living, and entertainment space. The combination of luxury living and cultural authenticity aims to appeal to both domestic and international audiences, potentially boosting the country’s GDP through tourism and real estate sectors.

Vision 2030 Alignment

The Diriyah project is a flagship initiative under Saudi Arabia’s Vision 2030, which seeks to develop a vibrant society, a thriving economy, and an ambitious nation. The financing and development of high-quality residential and hospitality assets directly contribute to the Vision’s goals of fostering a sustainable living environment, promoting tourism and leisure, and ensuring the growth of the tourism and entertainment sectors. The project also supports the Public Investment Fund’s strategy to develop giga-projects as key economic diversifiers. As construction continues and partnerships like this flourish, Diriyah is on track to become a global heritage and lifestyle destination, exemplifying the Kingdom’s ability to blend modernity with its rich past. This collaboration showcases the strategic investment and trust that will continue to drive the Kingdom’s transformation and enhance its global position.

20 Questions

Q1. What is the value of the financing agreement signed between Diriyah Company and Arab National Bank?

A1. The financing agreement is worth 2 billion Saudi Riyals, which is equivalent to approximately 533 million US dollars. This amount is allocated to support the development of luxurious residences and hospitality assets in Diriyah and Wadi Safar.

Q2. Which two entities signed the financing agreement?

A2. The agreement was signed by Diriyah Company, represented by Group CEO Jerry Inzerillo, and Arab National Bank, represented by the Chief Executive of Corporate and Institutional Banking, Luei Al-Zaer.

Q3. What will the financing be used for?

A3. The financing will support the construction of a collection of luxury residential and hotel hospitality units owned by a number of international hotel brands within the Diriyah and Wadi Safar master plans.

Q4. How large is the Diriyah project area?

A4. The Diriyah project master plan covers a total area of 14 square kilometers. This area is being developed to include residential, commercial, and cultural spaces, aligning with the Kingdom’s Vision 2030.

Q5. What is the size of the Wadi Safar master plan?

A5. The Wadi Safar master plan is much larger, covering 62 square kilometers. This area will feature luxury residences, cultural and educational assets, and various sports and recreation facilities.

Q6. Who are the key officials involved in the agreement?

A6. The key officials are Jerry Inzerillo, Group CEO of Diriyah Company, and Luei Al-Zaer, who leads Corporate and Institutional Banking at Arab National Bank. Their leadership underscored the strategic importance of the deal.

Q7. What is the significance of this partnership for Diriyah Company?

A7. It is the first strategic partnership between Diriyah Company and Arab National Bank. The agreement signals confidence in Diriyah’s long-term vision and supports the development of essential residential and hospitality infrastructure.

Q8. How does this financing contribute to Diriyah’s development?

A8. The financing enables the construction of luxury residences and hotel facilities, which are key to making Diriyah a leading cultural and tourism destination. It accelerates the project’s execution, ensuring that the planned facilities become operational sooner.

Q9. What did Jerry Inzerillo say about the agreement?

A9. Inzerillo stated that the agreement reflects the confidence of major financial institutions and investors in the long-term vision and investment capacity of Diriyah. He also highlighted that it is a central pillar of the development strategy.

Q10. What did the CEO of Arab National Bank emphasize?

A10. Obaid Al-Rashid emphasized the bank’s commitment to supporting national projects and financing that contributes to the development process of Diriyah. He also highlighted the bank’s role as a trusted financial partner in Saudi Arabia’s economic growth.

Q11. What is the target for residential units in Diriyah?

A11. Diriyah aims to construct 18,000 luxury residential units to house about 100,000 people. This is part of the broader strategy to create a vibrant mixed-use community within the historic area.

Q12. How much has Diriyah already awarded in contracts?

A12. Diriyah has awarded development contracts exceeding 110 billion riyals, which is around 30 billion US dollars, to local and international companies. This represents a significant portion of the project’s overall value.

Q13. What is the total value of the Diriyah project?

A13. The total project value is announced as 236 billion riyals, equivalent to around 63 billion US dollars. This includes all development aspects from infrastructure to superstructure, making it a massive undertaking.

Q14. How many workers are currently on the project?

A14. The project is accelerating development with more than 63,000 workers active across various parts of the construction. This manpower is essential for the successful and timely completion of the various assets.

Q15. What is the role of the Arab National Bank in this agreement?

A15. Arab National Bank is financing a significant portion of the residential development, aligning with its commitment to national projects. The bank is acting as a crucial financial partner to ensure the project’s advancement and the economic prosperity of Saudi Arabia.

Q16. How does this support Saudi Arabia’s tourism goals?

A16. By providing luxurious residences and hotel brands, it will attract international tourists, including culture and heritage enthusiasts. The development of Diriyah as a premium destination boosts the Kingdom’s appeal to global travelers.

Q17. How does this fit with Vision 2030?

A17. Vision 2030 aims to diversify the economy, promote tourism, and enhance the quality of life. The Diriyah project, with its cultural heritage and modern developments, directly contributes to these goals by creating a thriving, sustainable community.

Q18. Are there cultural assets in Wadi Safar?

A18. Yes, the Wadi Safar master plan includes a collection of luxury residences, cultural and educational assets, as well as sports and recreation facilities. This creates a comprehensive lifestyle experience within the larger development.

Q19. What is the significance of international hotel brands?

A19. Having international hotel brands ensures high standards of service and global recognition, making Diriyah a more attractive destination for visitors from around the world. It also raises the project’s prestige and quality.

Q20. What is the expected economic impact of this development?

A20. The development is expected to create jobs during and after construction, promote ancillary businesses, and increase tourism revenue. It contributes to the economic diversification and long-term growth of Saudi Arabia, aligning with the goals of Vision 2030.

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