Diriyah Company has signed a SAR 2 billion ($533 million) financing agreement with Arab National Bank (anb) to support the development of branded residences in Diriyah and Wadi Safar.
The deal was signed by Diriyah Company Group CEO Jerry Inzerillo and anb Chief Wholesale Bank Officer Louai A. Alzaher. It marks the first financing agreement between the two institutions.
The funding will contribute to Diriyah Company’s residential pipeline across its two masterplan areas. The broader programme targets 18,000 homes for 100,000 residents, with a portfolio of more than 300 branded residences sitting at the centre of that strategy.
“This new agreement with anb shows once more the confidence of large-scale financial institutions and institutional investors in the long-term success and return on investment that Diriyah offers. Our 300+ branded residences portfolio is the flagship of our larger residential strategy to build 18,000 homes for 100,000 residents across Diriyah and Wadi Safar in the future,” Diriyah Company Group CEO Jerry Inzerillo said in a statement.
Obaid Alrasheed, Managing Director and CEO of anb, said the agreement reflects the bank’s commitment to supporting national projects and advancing Saudi Vision 2030 objectives.
Construction is active across multiple districts within the Diriyah development area. Diriyah Company says it has awarded more than SAR 110 billion ($30 billion) in contracts to date against the SAR 236 billion ($63.2 billion) total project value, with over 63,000 workers currently on site.
