Diriyah Company has signed a SAR2 billion ($533 million) financing agreement with Arab National Bank to support the development of branded residences within Diriyah, its flagship project to transform an ancient city near Riyadh.

The agreement is aimed at supporting the development of luxury residences in the Diriyah and Wadi Safar masterplan and operated under international brands, the company said in a LinkedIn post.

Diriyah Company, backed by Saudi Arabia's Public Investment Fund, is developing the historic Diriyah area on the outskirts of Riyadh into a major cultural, tourism, hospitality and residential destination.

The development is centred on At-Turaif, the UNESCO World Heritage Site and birthplace of the Saudi state, and is planned to combine hotels, residences, retail, cultural attractions and entertainment venues.

The company has been expanding its portfolio of hospitality and residential projects as construction accelerates across Diriyah. The development is intended to establish the destination as a global tourism and lifestyle hub while preserving its Najdi architectural character.