Diriyah Gate Development Authority to open new projects before end of 2022: CEO

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Updated 30 October 2022
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Diriyah Gate Development Authority to open new projects before end of 2022: CEO

  • Inzerillo said the developments were a “huge triumph” for the Saudi leadership and that there were more in store for next year
  • CEO noted that Diriyah would be “a great gathering place” and “the soul” of the Saudi nation

RIYADH: Huge developments are in the pipeline for the Diriyah Gate Development Authority before the end of the year.

Group chief executive officer, Jerry Inzerillo, told Arab News at the Future Investment Initiative forum that Diriyah would see the opening of Al-Bujairi district with 20 new restaurants, and two kilometers of Wadi Hanifah with areas dedicated to jogging and riding.

In addition, Inzerillo said: “We’re going to be opening up three experience centers, the new community center. We’ll open up the UNESCO World Heritage Site for the whole world. This is in November and December of 2022.”

He said the developments were a “huge triumph” for the Saudi leadership and that there were more in store for next year.

“Then in 2023 we have the first hotel opening and the first museums opening.

“We will plant another 6 million trees. We’ve already planted 6 million trees, so we’re going to have a very big 2022 and a very big 2023. 

“Some 38 luxury hotels, 20,000 residences, 100 restaurants, new universities, new souks, new beautiful mosques. Diriyah is just beautiful,” he added.

The CEO pointed out that although the DGDA was building a new Diriyah, the area would have an authentic feel and be built from millions of mud bricks.

He said that Crown Prince Mohammed bin Salman was “very strict on the preservation of cultural integrity, authenticity, very strict on environmental issues and sustainability issues, so even though we’re building a new Diriyah, it has to all be in new, authentic mud.”

He added: “We are now making 180 million mud bricks. All of the trees and the plantlings by the tens of millions can only be from Diriyah because Diriyah is not a theme park, it’s the birthplace of the Kingdom, it’s the home of Al-Saud. So, you have to keep the integrity.

“Last night we had a big reception at Al-Bujairi with our wonderful Minister of Tourism Ahmed Al-Khateeb. He had 200 executives from all over the world. They all said the same thing: ‘This looks so authentic. This looks so beautiful.’

“This is because it’s in those same materials. So Diriyah is meant to be a jewel in the middle of what is going to be the great Riyadh, the new Riyadh that the crown prince is planning.”

Inzerillo noted that Diriyah would be “a great gathering place” and “the soul” of the Saudi nation.

He said: “It's the heart of anyone who’s Arabian, and it’s the heart and soul of anyone who is Saudi. That’s why we say there’s only one Diriyah.”


Closing Bell: Saudi main index rises to 10,894

Updated 13 January 2026
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Closing Bell: Saudi main index rises to 10,894

RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward trend for a third consecutive day this week, gaining 148.18 points, or 1.38 percent, to close at 10,893.63 on Tuesday. 

The total trading turnover of the benchmark index stood at SR6.05 billion ($1.61 billion), with 144 listed stocks advancing and 107 declining. 

The Kingdom’s parallel market Nomu also rose by 81.35 points to close at 23,668.29. 

The MSCI Tadawul Index edged up 1.71 percent to 1,460.89. 

The best-performing stock on the main market was Zahrat Al Waha for Trading Co., with its share price advancing 10 percent to SR2.75. 

Shares of CHUBB Arabia Cooperative Insurance Co. increased 8.27 percent to SR23.04, while Abdullah Saad Mohammed Abo Moati for Bookstores Co. saw its stock climb 6.17 percent to SR50.60. 

Conversely, the share price of Naseej International Trading Co. declined 9.90 percent to SR31.48. 

On the announcements front, Arabian Drilling Co. said it secured three contract extensions for land rigs with energy giant Saudi Aramco, totaling SR1.4 billion and adding 25 active rig years to its backlog. 

In a Tadawul statement, the company said one rig is currently operational, the second will begin operations by the end of January, and the third — currently suspended — is expected to resume operations in 2026. 

Since November 2025, Arabian Drilling has secured seven contract extensions amounting to SR3.4 billion, representing 55 committed rig years. 

The three contracts have durations of 10 years, 10 years, and five years, respectively.

“Securing a total of SR1.4 billion in new contracts and expanding our backlog by 25 rig-years demonstrates both the trust our clients place in us and our ability to consistently deliver quality and reliability,” said Ghassan Mirdad, CEO of Arabian Drilling, in a statement. 

Shares of Arabian Drilling Co. rose 3.15 percent to SR104.70. 

Separately, Alkhorayef Water and Power Technologies Co. said it signed a 36-month contract valued at SR43.35 million with National Water Co. to operate and maintain water networks, pumping stations, wells, reservoirs, and related facilities in Tabuk. 

In October, Alkhorayef Water and Power Technologies Co. announced it had been awarded the contract by NWC. 

In a Tadawul statement, the company said the financial impact of the deal began in the fourth quarter of 2025. 

The share price of Alkhorayef Water and Power Technologies Co. declined 0.49 percent to SR120.70.