Industry News & Insights

21 Nov 2024

Saudi Real Estate: Diriyah New $63 Billion Art and Culture Districts

Saudi Real Estate: Diriyah New $63 Billion Art and Culture Districts

The Diriyah Company has revealed plans for two landmark educational and cultural districts as part of the $63.2 billion Diriyah development on the outskirts of Riyadh. These districts—Qurain Cultural District and the Northern District—will be central to transforming Diriyah into a global hub for art, culture, and education.

The announcement was made at “Bashayer – Delivering Our Future,” the company’s annual international event. The gathering brought together global investors, hospitality and construction firms, infrastructure experts, and representatives from sectors such as sports, arts, culture, tourism, and retail.

Qurain Cultural District

The Qurain Cultural District is envisioned as a vibrant intersection of culture and urban living. It will feature a mix of arts, retail, office, and residential spaces, providing opportunities to live, work, shop, and dine locally. Its cultural offerings include:

  • Museums and a cinema
  • Academies focusing on traditional Najdi architecture, mud building, writing, Arabic music, culinary arts, performing arts, and theater
  • Two luxury hotels:
    • The Ritz-Carlton Diriyah: 195 rooms and 165 residences
    • The Address Diriyah: 204 rooms and 60 serviced apartments

The district will house 19 mixed-use buildings, including boutique offices, retail outlets, and dining venues. Its development is underway with a $1.55 billion (SR5.8 billion) contract.

Northern District

The Northern District will become a global hub for education, innovation, and culture, featuring:

  • The King Salman Foundation
  • Museums, a university, and a library
  • A public square and the Capella Diriyah, a 100-room luxury hotel marking Capella Hotels and Resorts’ entry into the Middle East

Work on this district began in July 2024 under a $2 billion (SR7.8 billion) joint venture with China State Construction Engineering Cooperation Limited and El Seif Engineering Contracting Co. Ltd.

Key Vision for Diriyah

Diriyah Company Group CEO Jerry Inzerillo highlighted the districts’ significance:

“Qurain Cultural District and Northern District are two of the most important areas of the Diriyah masterplan. They will become global centers of knowledge, learning, and creativity, reestablishing Diriyah as a gathering place for the world.”

A Giga-Project for Saudi Arabia

As one of Saudi Arabia’s five giga-projects supported by the Public Investment Fund, the Diriyah development aims to:

  • Accommodate 100,000 residents
  • Generate 178,000 jobs
  • Attract 50 million visitors annually
  • Contribute $18.6 billion to Saudi Arabia’s GDP

Spanning 14 square kilometers, the Diriyah project is poised to become one of the world’s largest and most innovative urban developments.

 


 

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