Diriyah Company Secures SAR2 Billion Financing for Branded Residences

Diriyah: Diriyah Company has secured a $533 million (SAR2 billion) financing agreement from Arab National Bank (anb) to fund the development of numerous branded residences in Diriyah and Wadi Safar. The agreement was signed by Group Chief Executive Officer of Diriyah Company, Jerry Inzerillo, and Chief Wholesale Bank Officer at anb, Louai Alzaher. It is the first financial deal between anb and Diriyah Company. According to Saudi Press Agency, the new agreement will support the ongoing development of branded residences in Diriyah and Wadi Safar. This initiative forms part of Diriyah Company's continued efforts to deliver assets across its 14 sq km Diriyah and 62 sq km Wadi Safar masterplans, which include residences, hotels, cultural and educational assets, and entertainment and sports facilities. Commenting on the new deal, Inzerillo stated that the agreement with anb demonstrates the confidence of large-scale financial institutions and institutional investors in the long-term success and return on investme nt that Diriyah offers. He emphasized that their portfolio of over 300 branded residences is the flagship of their larger residential strategy, aiming to build 18,000 homes for 100,000 residents across Diriyah and Wadi Safar in the future. Managing Director and Chief Executive Officer at anb, Obaid Alrasheed, highlighted anb's commitment to supporting national projects. He affirmed anb's pride in supporting projects that contribute to Diriyah's ongoing development, reinforcing anb's position as a trusted financial partner in supporting the Kingdom's development initiatives and economic growth. To date, Diriyah Company has awarded more than $30 billion (SAR110 billion) in major contracts for the $63.2 billion (SAR236 billion) giga project with over 63,000 workers on site.