Saudi Crown Prince and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday designating Diriyah as the fifth giga-project owned by the Kingdom’s sovereign wealth fund.
The Diriyah tourism project aligns with PIF’s strategy for achieving the goals of the Kingdom’s plan for national transformation, Vision 2030.
Vision 2030 aims to diversify the local economy by contributing to the development and empowerment of vital sectors such as tourism and culture. Overall, this works to enhance the Kingdom’s position regionally and internationally as a leading tourist and cultural destination.
Diriyah’s designation is a step that reflects the state’s interest in culture and investment, specialists affirmed to Asharq Al-Awsat.
Moreover, the project’s addition to PIF’s portfolio promotes a sustainable economy, creates partnership opportunities with the private sector and attracts foreign capital, all of which contribute to the Kingdom’s GDP.
The announcement comes as an extension and affirmation of the Crown Prince’s efforts about all the main elements that make up the national identity and Saudi culture.
The Diriyah project adds historical, cultural, and political value to the Kingdom’s 300-year history.
Diriyah is a globally significant destination that includes the Turaif district, a UNESCO World Heritage Site.
“The Crown Prince's announcement strengthens partnership with the private sector and attracts foreign capital to enter into this giant project (Diriyah) and explore new investment opportunities,” Abdul Mohsen Al-Hokair Group’s CEO, Majed Al-Hokair, told Asharq Al-Awsat.
“The project enhances the Kingdom’s position regionally and internationally and constitutes a historical, cultural and economic value for Saudi Arabia,” Al-Hokair added.
He also noted that including Diriyah as the fifth giga-project by PIF enhances qualitative and sustainable development projects in the Kingdom.
“Diriyah is the center of heritage and culture and the cradle of the first Saudi state,” asserted Al-Hokair.
