Riyadh to undergo palpable change every year until 2030: Diriyah CEO 

According to the World Tourism Organization, Saudi Arabia was the most visited country by travelers in the Arab world in 2022.
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Updated 22 January 2024
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Riyadh to undergo palpable change every year until 2030: Diriyah CEO 

RIYADH: The Saudi capital will be undergoing consistent transformative change “every year” that will allow visitors and residents to feel a palpable difference, says the CEO of Diriyah Co.

Speaking to Arab News on the sidelines of the second edition of the Saudi Tourism Forum in Riyadh, Jerry Inzerillo affirmed that visitors of the Kingdom’s capital do not need to look forward to 2030 to begin to witness the changes that the area is undergoing. Instead, they are already experiencing the transformation that will continue throughout the coming years. 

The executive cited the last quarter, which was filled with “great victories,” spanning from Saudi Arabia’s winning of the Expo 2030 bid to the World Cup.

He highlighted that the forum is “really critical” as it aids in highlighting the Kingdom’s dynamic transformation, a feat considered impossible just a few years ago.

He said: “Riyadh is now going to have a big transformative change every year. What I love now is that the public, our community will see great physical changes each year now. So we’ll open hotels will open restaurants, we’ll open retail, you know, we just finished 9 km of parks, so that people don’t have to wait 2030 to feel the change.”




Jerry Inzerillo, CEO of Diriyah Co.

He added: “With this tourism forum, it’s really, really critical because now, just five years ago, we really had to convince people to come to the Kingdom. It wasn’t easy to overcome certain image issues, because people didn’t know the Kingdom. They didn’t know Saudi hospitality. They didn’t even know what the Kingdom looked like. So they were stuck in stereotypes.” 

Inzerillo applauded the efforts of the Ministry of Tourism and the Saudi Tourism Authority that have catalyzed the sector’s revolution within the Kingdom and have allowed the country to position itself as a major attraction both on the regional and global scales. 

The result of these efforts can be exemplified by the significant 156 percent increase in the number of tourists arriving in 2023 compared to 2019. A recent UN World Tourism Barometer report denotes that Saudi Arabia’s great success is paving the way for the Middle East to lead the global tourism recovery.

According to the World Tourism Organization, Saudi Arabia was the most visited country by travelers in the Arab world in 2022, welcoming 18 million passengers, compared to 14.8 million traveling to the UAE.

As the nation continues to undergo its transformative journey to fulfill Vision 2030, the CEO noted that “some of that’s going to be interrupted, because we have to put a spectacular infrastructure and that’s not going to be easy, but we’ll do it. We have a habit of getting things done in the Kingdom, as you know.”


Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

Updated 17 February 2026
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Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06. 

The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.  

Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).  

Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.  

Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30. 

On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.

Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50. 

On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.  

The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.  

The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.  

The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session. 

Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.  

Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.

Tadweer shares last traded at SR3.80, up 2.70 percent.