The forthcoming Saudi Arabia Museum of Contemporary Art has received a $490 million construction grant from Diriyah Company, a real estate juggernaut that has previously thrown its support behind an array of resorts, a digital art institution, and a shopping district in the country.

Designed by Godwin Austen Johnson, a Dubai-based architecture firm that previously conceived the Sharjah Art Foundation, the museum will span 883,000 square feet, poising it to cover more ground than the Louvre in Paris. The museum’s main base will be located in Diriyah, though it will also stage exhibitions in nearby Riyadh.

Diriyah Company is chaired by Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince of Saudi Arabia. Time magazine recently placed the enterprise on a list of 100 influential companies, praising it for “showing that the kingdom’s tourism dreams aren’t just blueprints.”

Jerry Inzerillo, CEO of Diriyah Comapny, said in a statement, “The Saudi Arabia Museum of Contemporary Art will provide Saudi and international artists with a truly world-class platform—one that invites global voices to engage with the Kingdom as it is today. This iconic asset will further elevate Diriyah’s reputation as the Kingdom’s capital of culture—and underscores our unwavering commitment to developing a vibrant city that serves our community, and the nation at large.”

Saudi Arabia has been rapidly growing its art scene, which is currently host to two biennials in Diriyah, one for contemporary art, the other for Islamic art. The scene’s expansion comes as the Crown Prince continues to facilitate his Vision 2030 plan, which is set to cost $2 trillion and is designed to make the Saudi economy less dependent on the oil industry.

Previously, the Crown Prince was a big supporter of international institutions. But with oil prices in flux amid the US and Israel’s war in Iran, and amid fears of overspending, he has since reduced that funding. One such institution affected is the Metropolitan Opera in New York, to which Saudi Arabia had promised $200 million in funding last year before taking it away this year. The opera house is now considering the sale of its Marc Chagall murals for $55 million.