Jeddah-based Banque Saudi Fransi Signs Historic Financing Deal with Diriyah Co. Worth $1.6 Billion
Banque Saudi Fransi (BSF) has made a significant stride in supporting the growth of Saudi Arabia’s private sector by signing a monumental financing deal worth SR6 billion ($1.6 billion) with Diriyah Co. to develop the Wadi Safar project. This substantial investment underscores the bank’s commitment to driving economic growth and development across the Kingdom.
Diriyah’s Ambitious Vision for Economic Growth
The development of Wadi Safar is a crucial component of Diriyah Co.’s larger plan to create a world-class cultural and tourism destination within the Diriyah area. The ambitious project aims to attract over 50 million visitors by 2030, thereby generating significant revenue streams and creating numerous employment opportunities. According to the Diriyah Gate Development Authority (DGDA), this vision is closely aligned with Saudi Vision 2030’s objective of transforming the Kingdom into a global tourist destination.
BSF’s Role in Driving Economic Growth
Banque Saudi Fransi has played a pivotal role in supporting major development projects across Saudi Arabia, particularly those focused on infrastructure, tourism, and economic growth. The bank’s initiatives are designed to promote sustainable development and enhance Diriyah’s status as a prominent cultural and historical hub. By partnering with Diriyah Co., BSF is demonstrating its commitment to supporting the Kingdom’s economic diversification efforts.
Wadi Safar Project: A Hub for Luxury Living
The Wadi Safar project, which was introduced by the DGDA in December 2023, covers an area of approximately 62 sq. km and is set to become an upscale residential community featuring high-end hospitality facilities, recreational venues, sports complexes, advanced commercial spaces, and premium retail areas. The gated community will offer investors and visitors a unique living experience, complete with three major resorts: Six Senses, Aman, and Oberoi.
A New Era for Diriyah Development
The successful signing of this financing deal marks a significant milestone in the development of the Wadi Safar project and underscores BSF’s confidence in Diriyah Co.’s vision. This partnership aligns with the Kingdom’s ambitious plans to create world-class infrastructure and promote sustainable tourism, thereby generating substantial economic returns and creating jobs for Saudi nationals.
BSF’s Initiatives Support Vision 2030 Goals
Banque Saudi Fransi’s initiatives are designed to support the Kingdom’s objectives outlined in Saudi Vision 2030. By investing in major development projects like Wadi Safar, BSF is contributing to the achievement of several key goals, including:
- Transforming Saudi Arabia into a global tourist destination
- Driving economic growth and diversification
- Enhancing Diriyah’s status as a prominent cultural and historical hub
Diriyah Co.’s Commitment to Sustainable Development
The Diriyah Co. is committed to implementing sustainable development practices across all its projects, including Wadi Safar. This commitment is reflected in the company’s focus on respect for heritage and innovative, sustainable ventures that contribute positively to the environment.
BSF’s Support for Job Creation and Economic Growth
Banque Saudi Fransi has a proven track record of supporting job creation and economic growth initiatives across Saudi Arabia. The bank’s financing deal with Diriyah Co. is expected to generate around 178,000 job opportunities and contribute SR18.6 billion to the Kingdom’s gross domestic product upon completion.
A Bright Future for Diriyah
The signing of this historic financing deal marks a significant milestone in the development of Wadi Safar and underscores BSF’s confidence in Diriyah Co.’s vision. This partnership is set to create a world-class cultural and tourism destination, drive economic growth, and generate substantial revenue streams for the Kingdom.
Conclusion
Banque Saudi Fransi’s signing of the $1.6 billion financing deal with Diriyah Co. highlights the bank’s commitment to driving economic growth and development across Saudi Arabia. The Wadi Safar project is a key component of Diriyah Co.’s vision to create a world-class cultural and tourism destination, aligning closely with Saudi Vision 2030’s objectives. This partnership underscores BSF’s confidence in Diriyah Co.’s ability to deliver sustainable development projects that contribute positively to the Kingdom’s economy.
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