Royal Diriyah Opera House to Be Developed at USD 1.36 Billion
Diriyah Company has awarded a contract for the development of the Royal Diriyah Opera House, a major cultural initiative with an estimated investment of SAR 5.1 billion (approximately USD 1.36 billion). The project marks a milestone in the ongoing development of Diriyah, a UNESCO World Heritage Site being transformed into a global hub for heritage, culture, and the arts in alignment with Saudi Arabia's Vision 2030.
Scheduled to become the largest opera venue in the Kingdom, the Royal Opera House will include a 2,000-seat main hall, a theatre, a studio, a rooftop amphitheatre, and a series of multipurpose cultural spaces. Once completed, the total seating capacity across the venue is expected to exceed 3,100. The project's design aims to reflect the architectural heritage of Diriyah while setting new standards for performing arts infrastructure in the region.
Three companies have been selected to deliver the project, which was announced at the start of the second quarter of 2025. The development aligns with Diriyah Company's broader strategy to enhance the historic site's global appeal while preserving its cultural and historical significance.
Once operational, the Royal Diriyah Opera House is anticipated to attract international performers, foster local talent, and offer a world-class platform for cultural exchange at the heart of Saudi Arabia's growing creative economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Tahya Masr
15 hours ago
- Tahya Masr
Crédit Agricole Egypt and Infinity Join Forces to Accelerate Transition to Solar Energy
Crédit Agricole Egypt has entered into a partnership with Infinity to accelerate the transition to solar energy for individuals by making clean energy solutions more accessible and affordable. The signing ceremony was attended by Mr. Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt, and Mr. Ashraf El Bishry, General Manager of Infinity, along with senior representatives from both entities. Through this partnership, Infinity's customers will have access to Crédit Agricole Egypt's solar loan—a tailored financing solution offering preferential interest rates and repayment terms up to seven years. The loan enables individuals to invest in a range of solar products —including solar home solutions for residential clients — effectively reducing financial barriers and encouraging the adoption of sustainable energy systems. This agreement aims to raise awareness about the environmental and economic benefits of solar energy, empowering individuals to make more eco-conscious decisions and contribute to a greener future. It also aligns with Egypt's Vision 2030 and the Central Bank of Egypt's sustainable finance principles, reinforcing broader efforts to embed ESG principles into financial practices, diversify the energy mix, and reduce carbon emissions. Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt said: 'At Crédit Agricole, sustainability is central to our mission, and we are committed to carbon neutrality by 2050 for both our own operations & financed emissions. Through this partnership, CAE continues to reflect its customer-centric approach by offering accessible green financing solutions tailored to meet our customers' evolving needs. By combining our financial expertise with Infinity's leadership in solar energy technology, we are expanding our impact, and advancing our long-term commitment to the energy transition.' Nevine Shokry, Head of proximity Banking of Crédit Agricole Egypt added: 'At Crédit Agricole Egypt, our green finance solutions reflect our commitment to helping customers take meaningful steps towards sustainability. This collaboration with Infinity embodies our shared belief that real success lies in empowering individuals, supporting communities, and protecting our planet.' Commenting on the strategic partnership, Mohamed Ismail Mansour, Co-Founder and CEO of Infinity, said: "At Infinity, we are committed to supporting the widespread adoption of clean, renewable energy solutions that can positively impact people's lives and the environment. This partnership with Crédit Agricole Egypt is an important step in making solar energy more accessible to households across the country. By combining financial innovation with practical, scalable technology, we are enabling individuals to become active participants in Egypt's clean energy future." Eng. Nayer Fouad, Co-Founder and CEO of Infinity, further added: "This collaboration reflects our mission to deliver real, tangible solutions that support Egypt's clean energy goals. By working alongside a trusted partner like Crédit Agricole Egypt, we are not only making renewable energy more attainable but also fostering greater awareness around the benefits of solar adoption at the individual and household levels. It's another milestone in our journey to drive long-term environmental and economic value.' Infinity, established in 2014, is Egypt's leading provider of renewable energy solutions, delivering clean power solutions across all sectors and scales. The company develops, finances, and operates utility-scale and decentralized solar projects. Infinity is the largest Egyptian contributor to the Benban Solar Park, Africa's largest photovoltaic power station, with an estimated capacity of 1,465 MW. Since 2018, Infinity has also built the largest and fastest-growing EV charging network in Egypt, with more than 700 charging points across 16 governorates. Backed by institutional shareholders such as Africa Finance Corporation (AFC) and the European Bank for Reconstruction and Development (EBRD), Infinity is positioned at the forefront of Egypt and Africa's energy transition journey . Crédit Agricole Egypt is a subsidiary of the Crédit Agricole Group, one of the largest banks worldwide, and is the sole French bank operating in Egypt. Established in 2006, Crédit Agricole Egypt has become an active player in Egypt's financial industry, serving around 500,000 individual, SME, and corporate clients. The bank offers a comprehensive range of banking products & services, as well as state-of-the-art digital banking solutions. Crédit Agricole Egypt's key goal is customer satisfaction, by valuing and prioritizing their best interests. Demonstrating its strong commitment to sustainability, Crédit Agricole Egypt was the first bank in Egypt and North Africa to receive the prestigious Platinum LEED certification for its head office in recognition of its environmentally responsible design, which incorporates a solar panel station that helps reduce CO₂ emissions. Further advancing the green transition, Crédit Agricole Egypt has signed a facility agreement with the European Bank for Reconstruction and Development (EBRD) under the Green Energy Finance Facility (GEFF) and the Global Climate Fund (GCF), to support businesses investing in energy efficiency and renewable energy projects'
Mid East Info
19 hours ago
- Mid East Info
Abu Dhabi Fund for Development Finances Strategic Housing Project in Somaliland - Middle East Business News and Information
The project includes comprehensive infrastructure and essential services to support 1,500 residents. Al Suwaidi: This project underscores our enduring commitment to advancing sustainable development in our partner countries. Aw-Ali Abdi: We deeply appreciate the UAE's exceptional and continuous support for Somaliland's development. Abu Dhabi, United Arab Emirates – May 2025: Abu Dhabi Fund for Development (ADFD) has announced the inauguration of a comprehensive social housing project in the city of Berbera, Somaliland. The project, valued at AED 27.5 million (approximately USD 7.5 million), underscores the UAE's long-standing commitment to promoting sustainable development in Somaliland. It includes the construction of 300 residential units designed across three housing categories, to accommodate diverse family needs. It also involves the development of critical infrastructure, including potable water systems, sewage and stormwater drainage networks, internal roads, landscaped green spaces, and facilities providing essential services. This transformative project is part of ADFD's broader development efforts aimed at enhancing quality of life and ensuring access to safe and dignified housing. It also aligns with the United Nations Sustainable Development Goal 11, which aims to: 'Make cities and human settlements inclusive, safe, resilient, and sustainable' by 2030. The inauguration ceremony was led by H.E. Mohamed Aw-Ali Abdi, Vice-President of the Republic of Somaliland, with the participation of H.E. Dr. Abdullah AlNaqbi, Director of the UAE Trade Office in Somaliland, alongside senior officials from both governments. H.E. Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, said: 'This project is a continuation of ADFD's mission to support sustainable development across partner countries. Providing adequate housing is a cornerstone of community stability and economic advancement. We are proud to collaborate with the Government of Somaliland on this vital initiative, which not only provides quality homes for approximately 1,500 individuals, but also generates new job opportunities and stimulates local economic activity. Together, these efforts will drive long-term social and economic benefits, contributing meaningfully to the region's growth and resilience.' Speaking at the inauguration, H.E. Mohamed Aw-Ali Abdi, Vice-President of the Republic of Somaliland expressed sincere gratitude to ADFD and the UAE for their consistent development support. He emphasized that the project represents a strategic step toward improving living conditions in Berbera, by offering well-designed, integrated housing that enables hundreds of families to settle in a safe and dignified environment. He added that the benefits of the project extend beyond housing, encompassing infrastructure development, improved access to essential services, and job creation, all of which support local economic growth and reinforce the sustainability of the city's development. ADFD continues to play a key role in advancing Somaliland's development agenda through the management of a UAE government grant totalling AED 330 million. This funding supports a suite of strategic projects, including the AED 262 million restoration of the vital Berbera–Hargeisa highway, as well as initiatives in the energy and transport sectors, all designed to strengthen infrastructure and accelerate sustainable, long-term growth across the region.
See - Sada Elbalad
a day ago
- See - Sada Elbalad
Remittances from Egyptians Abroad Surge 70% to $32.8 Billion
Taarek Refaat Press Statement During the period July/May of FY 2024/25, remittances from Egyptians working abroad recorded a significant leap. The remittances rose by 69.6%, reaching about $32.8 billion (compared to around $19.4 billion during the same period a year earlier). Likewise, remittances increased during the period January/May 2025 by 59% YoY to record around USD 15.8 billion (compared to about $9.9 billion). On a monthly basis, remittances in May 2025 rose by 24.2% YoY to register about $3.4 billion, representing the highest level of inflows ever recorded in May (compared to around $2.7 billion). read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
