Diriyah, one of Saudi Arabia’s so-called giga-projects, has agreed deals worth nearly $1bn with European firms and is in talks to attract more foreign capital, its CEO said.  The $63bn project is one of the Public Investment Fund’s giant construction efforts aimed at boosting economic growth and diversifying the oil-reliant kingdom’s economy.

Diriyah, located at a Unesco World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20bn riyals ($5.33bn) in 2023 and 2024, and should get 12bn riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1bn in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

Read the full story at Gulf Times