Saudi megaproject Diriyah executives detained by corruption watchdog

Diriyah, owned by the sovereign heritage fund of nearly $ 1 billion of the kingdom, is one of the five so-called gigaprojects at the center of the Saudi plan to diversify its economy. He plans to transform a UNESCO wealth site into a flourishing tourism and hotel community, and has remained a priority of the government even if other projects, such as Neom, have been reduced in the middle of the lower oil prices.

The site should also house an opera of $ 1.4 billion, hundreds of technology and media companies, a golf course designed by Greg Norman, and Armani and Ritz-Carlton brand residences. Its objective is to attract 50 million visitors by 2030 and to become welcoming more than 100,000 inhabitants.

The public investment fund aims to create around 178,000 jobs thanks to development and to contribute nearly $ 5 billion to the kingdom’s economy when the project is finished. Initially planned as a heritage site of 400,000 square meters, development has since made 14 million square meters climbed.