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Multi-Billion-Dollar Art Districts to Be Developed as Part of Diriyah Project in Saudi Arabia.
Diriyah Company announced on Wednesday the details of two high-profile multi-billion-dollar educational and arts districts to be developed as part of the $63.2 billion Diriyah project on the outskirts of Riyadh.
The announcement was made during the second edition of its annual international event “Bashayer – Delivering our Future”, which gathered global investors, hospitality companies, construction firms, infrastructure experts and sports, arts, culture, tourism and retail sector representatives, Diriyah Company said in a statement.
The two new districts, the Qurain Cultural District and the Northern District, are proof of the accelerating growth and development of Diriyah, one of the world’s biggest and most unique urban development projects spanning an area of 14 square kilometers.
The Qurain Cultural District is set to become a vibrant global hub where culture meets modern urban living. It will offer a diverse range of arts, retail, office, and residential spaces for people to live, work, shop local brands, and enjoy local dining experiences.
Its cultural offerings will include a cinema, museums, and several academies focused on writing, traditional Najdi architecture and mud building, Arabic music, culinary arts, performing arts, and theater. It will also include two world-class hotels and branded residences: the Ritz-Carlton Diriyah, with 195 rooms and 165 residences, and the Address Diriyah, offering 204 rooms and 60 serviced apartments.
The district will feature 19 mixed-use buildings, including office, retail, and residences, 10 of which have various boutique office options, and a wide range of retail space and dining venues.
The development of the Qurain Cultural District will proceed under a SAR5.8 billion ($1.55 billion) contract.
Development work in the Northern District began following the announcement of a partnership contract worth SAR7.8 billion ($2 billion) in July 2024.
The Northern District, said the release, will transform Diriyah into a global hub for scholars, students, and visionaries. It will feature the King Salman Foundation, museums, a university, a library, and a lively public square. It will also host the newly announced Capella Diriyah, a 100-room luxury hotel that represents Capella Hotels and Resorts’ first venture in the Middle East.
Work on the Northern District is already under way after a SAR7.8 billion ($2 billion) joint venture contract was awarded to China State Construction Engineering Cooperation Limited and El Seif Engineering Contracting Co. Ltd.
Commenting on the new high-profile districts, Diriyah Company Group CEO Jerry Inzerillo said: “Qurain Cultural District and Northern District are two of the most important and significant areas of the Diriyah masterplan, and demonstrate the range and diversity of what Diriyah has to offer.”
“They will both become global centers of excellence, of knowledge, learning and creativity as Diriyah once more becomes a gathering place for the world. We are delighted to share details of these major developments at Bashayer and share once more the unique range of investment opportunities and partnerships the Diriyah Company has to offer the world,” he added.
The Diriyah project is one of Saudi Arabia’s five giga-projects supported by the Public Investment Fund, the world’s fifth-largest sovereign wealth fund. It aims to provide homes for 100,000 residents, create 178,000 jobs, attract 50 million visitors annually, and contribute $18.6 billion to Saudi Arabia’s GDP.