BSF, Diriyah Co. Ink $1.6bn Financing Deal To Develop Wadi Safar Project

JEDDAH: Banque Saudi Fransi has signed a financing deal worth SR6 billion ($1.6 billion) with Diriyah Co. to develop the Wadi Safar project, highlighting the private sector’s role in driving economic growth.

The development is a key cultural and tourism destination within the larger Diriyah area, which aims to attract over 50 million visitors by 2030 while supporting major initiatives, according to the bank, which rebranded as BSF in June after 48 years in the market.

During the signing ceremony, Bader Al-Salloom, CEO of BSF, and Jerry Inzerillo, CEO of Diriyah Co., emphasized the importance of this partnership in achieving sustainable development and enhancing Diriyah’s position as a prominent cultural and historical hub.

The agreement between the two parties aligns with Saudi Vision 2030’s goal of transforming the Kingdom into a global tourist destination. The Diriyah Gate Development Authority has set a precedent by blending respect for heritage with innovative, sustainable ventures, such as Al-Bujairi Terrace, which has become a major tourist attraction since its opening in 2022.

The deal is also part of BSF’s initiatives to back significant development projects that boost infrastructure, promote tourism, and drive economic growth in Saudi Arabia, the bank said in a statement.

The Wadi Safar project, introduced in December 2023 by the DGDA, is one of the three main initiatives under the Diriyah Co’s development plan.

It covers an area of approximately 62 sq. km and is set to become an upscale residential community, including high-end hospitality facilities, recreational and sports venues, and advanced commercial and retail spaces.

The project will offer premium real estate units designed to cater to the needs of both investors and visitors. Moreover, Wadi Safar’s gated community will serve as an oasis within Riyadh, featuring three major resorts: Six Senses, Aman, and Oberoi.

It is also the location for the ongoing development of the Greg Norman-designed championship signature golf course and Royal Diriyah Golf Club.

The Diriyah development project aims to generate around 178,000 job opportunities and is expected to contribute SR18.6 billion to the Kingdom’s gross domestic product upon completion.