Saudi Public Investment Fund announces new tourism project in Diriyah

Saudi Public Investment Fund announces new tourism project in Diriyah

January 9, 2023









The Saudi Public Investment Fund unveiled another tourism project Monday. 

The Diriyah project will seek to boost tourism to the eponymous city. The project specifically aims to create partnerships with the local private sector, build new hotels and entertainment facilities, create jobs and improve quality of life in the region, among other things, according to a press release. 

Diriyah, located outside of Riyadh, includes the Turaif district, which is a UNESCO World Heritage Site. This area, known for its mud-brick structures, served as the first capital of the House of Saud in the 18th century. 

The project is thus focused on cultural tourism. The Public Investment Fund described Diriyah as “where the authenticity of Saudi heritage can be celebrated.” 

This is the fifth “giga” project of the Public Investment Fund. The others are the futuristic megacity NEOM, the fund’s Red Sea project, the sports and entertainment area Qiddiya, and the real estate developer Roshn.  

Why it matters: The Public Investment Fund is seeking to boost tourism to the kingdom as per the Vision 2030 economic diversification initiative. They are having some success. Tourist visits increased 575% to 3.6 million visitors in the second quarter of 2022