- PIF's (Public Investment Fund)fifth giga-project, Diriyah, will be completed in Saudi Arabia soon and will include several unique tourist attractions. The initiative, which was unveiled by Saudi Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, aims to support Saudi Arabia's efforts to establish itself as a premier tourist and cultural attraction both locally and globally.
- The five giga-projects are an important component of the sovereign wealth fund's aim to diversify the economy of the Kingdom by establishing new industries, encouraging public-private collaborations, and expanding prospects for investment and employment. According to Crown Prince Mohammed bin Salman, the site's inclusion among the Kingdom's other giga-projects underscores Diriyah's reputation as a special location with unique cultural, historical, and tourist attractions.
Why it matters
The PIF, which oversees assets worth more than $620B, is at the center of Saudi Vision 2030, a strategy to diversify the economy of the Kingdom and lessen its reliance on hydrocarbons. NEOM smart metropolis, Red Sea Global's opulent tourism development, Qiddiya entertainment complex in Riyadh, and real estate developer ROSHN are among the giga-projects in Saudi Arabia in addition to Diriyah.
