RIYADH: Saudi Arabia’s Public Investment Fund’s Diriyah Co. is on track to launch a $1 billion hotel project with an Italian developer, the firm’s CEO revealed.
In an interview with Asharq Bloomberg, Jerry Inzerillo explained that this move is part of Diriyah’s strategy to develop into a global destination, and it will also bolster the presence of international brands in the Saudi hospitality sector.
The move falls in line with the Kingdom’s goal to attract 150 million annual visitors by 2030. It also aligns well with the CEO’s predictions in 2024 that Diriyah is projected to attract 50 million visits annually by 2030.
During the interview, Inzerillo said: “The company has already signed a major deal with the Four Seasons Group, in addition to a Trump-branded hotel project, as part of expanding its portfolio of luxury hotels in the Kingdom.”
He added: “These investments are driven by the growing tourism momentum in Diriyah. The UNESCO World Heritage Site attracted nearly 4 million visitors in December alone, reflecting a growing global interest in the historic destination. People are coming from all over the world to see Diriyah.”
Diriyah project ready before 2030
Regarding the pace of implementation, Inzerillo confirmed that work is progressing rapidly, with nearly 90 percent of the infrastructure already completed, anticipating that the projects will be finished before 2030. He also noted that the value of the residential projects under development exceeds $4 billion.
The Diriyah project spans 14 sq. km in Riyadh and is one of the major projects launched by PIF as part of Saudi Arabia’s Vision 2030. Upon completion, it is planned to include housing for approximately 100,000 people and office space for tens of thousands of professionals in the technology, media, arts, and education sectors.
According to the project’s master plan, it is expected to create approximately 178,000 jobs and provide a direct contribution estimated at SR70 billion ($ 18.6 billion) to the Kingdom’s gross domestic product.
Regarding the real estate sector, the CEO stated that the company is monitoring market potential, particularly in the luxury housing segment, given the significant increase in land prices in Riyadh. He noted that domestic demand still constitutes the largest share of sales.
Foreign buyers in Diriyah
Concerning foreign buyers, Inzerillo clarified that recent years have witnessed significant developments thanks to regulatory amendments across several sectors, including real estate.
He indicated that between 90 percent and 99 percent of last year’s sales went to Saudis, with some purchases also recorded from Bahrainis and Qataris.
The CEO predicted that foreign demand would increase in the future, driven by the presence of approximately 700 regional headquarters of international companies in the Kingdom and the consequent need to provide housing for executives and foreign staff.
As part of targeting the youth demographic, Inzerillo revealed that the firm has worked with local banks to arrange accessible financing options, enabling young people to start owning studios or one-bedroom apartments. He believes that the nature of the young workforce will create strong demand for this type of housing unit in the coming period.
The development of Diriyah City will cost approximately $64 billion, to be spent gradually to finance infrastructure and construction. Diriyah is a premier cultural, historical, and tourist destination, documenting nearly 300 years of Saudi history.
Significant Gulf investment inflows into Diriyah projects
In a separate interview with Al-Eqtisadiah, Inzerillo emphasized that the Diriyah project is witnessing significant inflows of foreign investment from Gulf countries, noting that he expects 2026 to be a truly exceptional year.
He underlined that the master plan for Diriyah Gate aims to create a traditional, mixed-use urban community that celebrates the Kingdom’s cultural history. Spanning 7 sq. km, the plan offers five distinct areas for gathering and exploration.
“In 2025, Diriyah saw the opening of the new Bab Samhan Hotel, which is currently at 91 percent occupancy, and the opening of the first Museum of Futuristic Art,” the CEO said.
Inzerillo added: “The Ritz-Carlton Residences will be delivered by the end of the year, along with the new opera house and 20,000-seat arena, the new 27-hole golf course, and the Greg Norman project in Wadi Safar.”
During the interview, he further highlighted that the five venues include King Salman Square, Samhan Amphitheater, and Heroes Memorial Plaza, as well as the Mosque Square, and the Historical Village, all designed to be gathering and exploring spaces in Diriyah.
Several hotels will be completed by the end of this year and the beginning of next year, the CEO underlined.
He went on to note that the company is committed to the schedule and budget, which is crucial, adding: “Because of the rapid progress we are making on the project, and because people see the progress being made, many are coming to invest.”
Regarding the Riyadh metro, Inzerillo said: “It is a very important project and a resounding success. Five metro stations will open: three in Diriyah (north, central, and south), two near King Saud University, and one near the new stadium, which is expected to open soon.”
He noted that all locations are secured and are currently being integrated into the metro network, with 144 electric bus stops being provided.
Inzerillo added: “There are 60,000 parking spaces to serve all of Diriyah, 6,000 of which are currently operational.”
