Diriyah Secures $533M Boost from ANB for Saudi Giga-Project Expansion

Abdelrahman Amr

Last updated 17-08-2026

4 min

Diriyah Company secured SAR 2 billion from anb for branded homes in Diriyah and Wadi Safar.

The deal marks a first partnership and signals strong confidence in Diriyah’s ‘long-term return potential’.

More than 300 branded residences support plans for 18,000 homes and 100,000 future residents.

Construction is already advancing, with over $30 billion in contracts and 63,000 workers on site.

The wider project blends heritage, homes, hotels and culture under Saudi Vision 2030.

Diriyah Company has lined up a SAR 2 billion financing deal, roughly $533 million, from Arab National Bank to back a new wave of branded homes in Diriyah and Wadi Safar, adding fresh momentum to one of Saudi Arabia’s biggest development stories.

The agreement was signed by Jerry Inzerillo, Group Chief Executive Officer of Diriyah Company, and Louai A. Alzaher, Chief Wholesale Bank Officer at Arab National Bank, known as anb. It marks the first financing deal between the two sides, and in plain terms, that is no small thing. For anyone watching how capital is moving into Saudi giga-projects, this looks a bit like another vote of confidence in Diriyah’s long game.

According to Diriyah Company, the money will support ongoing work on branded residences across the Diriyah and Wadi Safar masterplans. Together, those plans cover 14 square kilometres in Diriyah and 62 square kilometres in Wadi Safar, with a mix of homes, hotels, cultural and educational assets, plus entertainment and sports facilities. It is ambitious, yes, but also very much in line with the scale Saudi developers are now chasing.

Jerry Inzerillo said the agreement shows continued confidence from major financial institutions and investors in the long-term return potential of Diriyah. He added that the company’s portfolio of more than 300 branded residences sits at the heart of a broader housing strategy that aims to build 18,000 homes for 100,000 future residents across Diriyah and Wadi Safar.

Obaid Alrasheed, Managing Director and Chief Executive Officer at anb, said the bank was proud to sign the agreement and described it as part of its commitment to supporting national projects with financing suited to changing client needs. He also said the bank’s role in funding developments in Diriyah fits with Saudi Vision 2030 and wider efforts to encourage sustainable economic development. That said, banks do not put this kind of money on the table just for show — they usually want to see real traction, and Diriyah seems to be building exactly that.

Construction is already moving ahead across several districts in Diriyah and in nearby Wadi Safar, the more exclusive residential and leisure destination next door. So far, Diriyah Company says it has awarded more than $30 billion, or SAR 110 billion, in major contracts for the wider $63.2 billion giga-project, with more than 63,000 workers currently on site. Those are eye-catching figures, and believe it or not, they help explain why lenders are willing to lean in.

Diriyah itself carries a strong cultural and political weight inside Saudi Arabia. Located around 15 minutes from central Riyadh, it is regarded as the birthplace of the Kingdom and dates back to 1727. At its centre is At-Turaif, the UNESCO World Heritage Site inscribed in 2010, which preserves the ancient adobe capital of the First Saudi State dating to 1766. I have always felt projects tied to heritage can be a bit of a faff if the identity gets watered down, but in this case the Najdi-style design focus is clearly part of the selling point.

Once completed, Diriyah is expected to host more than 100,000 residents, workers, students and visitors. The vision includes cultural, retail, hospitality, education and residential offerings. Some pieces are already visible on the ground, including Bujairi Terrace, a dining area with more than 20 local and international restaurants and cafés overlooking At-Turaif, and Bab Samhan, a Luxury Collection Hotel with views across Wadi Hanifah. For readers at Arageek who keep an eye on how places become startup-friendly ecosystems, this kind of layered development is often spot on: homes, culture, hospitality and movement of people all in one place. It can create the sort of energy founders feed off, even if the core story here is property financing.

Diriyah Company, established in 2023, is part of the Public Investment Fund’s portfolio of giga-projects and is responsible for delivering the wider destination. Its brief stretches across development, hospitality, investment, retail and office leasing, as well as asset management, under the broader umbrella of Vision 2030. On the flip side, scale alone never guarantees success — I reckon execution will be the real test — but for now, this latest agreement shows the funding engine is still very much runnig.

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