São Paulo – Saudi Arabia will have yet another giga-project, now focusing on the kingdom’s history. Diriyah was announced by Crown Prince Mohammad bin Salman bin Abdulaziz, who is also Prime Minister and Chairman of the Public Investment Fund (PIF). This will be the fund’s fifth giga-project, and its goal is to be a destination prioritizing and showing the world the local cultural, historical, and tourist features.
Diriyah is located just 20 minutes away from the city center of the national capital Riyadh. The location already has historical importance and is home to the Turaif district, a UNESCO World Heritage Site. The Saudi Press Agency (SPA), the Gulf country’s official news agency, highlighted the Diriyah Project would showcase Saudi Arabia’s 300 years of history to the world. There, tourists would have the opportunity to explore and learn about the nation’s history and culture in museums and pavilions to be built.
The Saudi fund’s portfolio of giga-projects already includes Neom, Red Sea, Qiddiya, and Roshn. They form a pillar of the overall PIF strategy. Through these projects, the Saudi government hopes to create new economic ecosystems and launch new sectors to boost the growth and diversification of the national economy, as well as create investment opportunities in different fields.
The Saudis expect the new giga-project will encourage strategic domestic sectors, foster partnerships with the local private sector, and generate new investment opportunities throughout its development and production phases. In these stages, the government expects to bring together sectors such as construction, operation and management of hotels, retail, entertainment, and culture.
The Diriyah Development Authority, established in 2017, will continue its regulation and monitoring role in Diriyah’s heritage and history.
Translated by Elúsio Brasileiro
