Diriyah Company has announced that it has secured a SAR2 billion ($533 million) funding from Arab National Bank towards the development of its growing portfolio of multiple branded residential projects across its 14-sq-km Diriyah masterplan and 62-sq-km Wadi Safar masterplan.

Under its long-term development plans, Diriyah Company aims to deliver 18,000 homes that can accommodate around 100,000 residents across Diriyah and Wadi Safar.

This transaction marks the first financing agreement between Arab National Bank and Diriyah Company and further strengthens private-sector participation in the development of the Diriyah giga-project.

The financing will help support the ongoing development of Diriyah Company’s growing portfolio of branded residences across its 14-square-kilometre Diriyah masterplan and 62-square-kilometre Wadi Safar masterplan, said Jerry Inzerillo, Group CEO of Diriyah Company, after signing the deal with Louai Alzaher, Chief Wholesale Bank Officer at anb.

The residential development programme forms part of a wider masterplan encompassing luxury residences, hotels, cultural and educational facilities, entertainment destinations, sports facilities and supporting infrastructure. 

Diriyah Company’s branded residences portfolio currently comprises more than 300 units, forming a key component of its broader residential strategy.

Inzerillo said the financing agreement demonstrates continued confidence from major financial institutions and institutional investors in Diriyah’s long-term development potential. 

The company’s branded residences portfolio represents a flagship element of its wider strategy to establish a world-class residential destination within the Diriyah and Wadi Safar masterplans, he added.-TradeArabia News Service