The Saudi Arabian Crown Prince Mohammed Bin Salman announces including the Diriyah project to the portfolio of the Public Investment Authority (PIF), Invest-Gate reports.
The project is important to Saudi history, heritage, and culture. It has a total cost of around $50 bn.
The Diriyah project is implemented in three phases, the first of which costs $20 bn.
The Diriyah Gate Development project includes building 38 hotels, including Four Seasons, Hilton, Hyatt, Marriott, and Six Senses.
The Diriyah project will add 20,000 residential units to the city of Riyadh by 2027. Around 46% of the project’s construction is completed, costing $5 bn.
It is worth noting that adding the mega project to PIF will help the fund achieve its goal to bring its assets under management to $1 tn in 2025.