RIYADH: Private sector investments in Saudi Arabia’s Diriyah project have reached SR22.50 billion ($6 billion), as the Kingdom continues its tourism push, said a top official.
Jerry Inzerillo, CEO of Diriyah Gate Development Authority, said that major investments in the heritage site are happening in the hotels, restaurants, retail, and residential sectors.
According to Inzerillo, this flurry of acquisitions coincides with the authorities’ spending of SR30 billion on infrastructure, new roads, water, and electricity.
“Hotels and investment are two highly intriguing matters, and what we are discovering now with hotels, restaurants, retail, and housing is that there is a considerable amount of investment in the private sector,” said the CEO, in an interview with CNBC Arabia,
He added: “So, this year, with the infrastructure and all the new roads, water, and electricity, we spent SR30 billion on all these matters. We find that we already have commitments totaling $6 billion from private sector investments in hotels, retail, and restaurants.”
Developing Diriyah is one of the most crucial agendas for Saudi Arabia, as the Kingdom aims to evolve as a global tourist hub, aligned with the goals outlined in Vision 2030.
The attraction is a $62.2 billion development project located 15 minutes northwest of Riyadh. The heritage site is home to the At-Turaif UNESCO World Heritage Site.
On Jan. 22, Diriyah Co. announced the completion of the tunnel highway for the Western Ring Road, a project connecting Diriyah to one of Riyadh’s main highways at exit 38.
According to the company, the new route is expected to ensure traffic safety and will enhance the quality of life for citizens, providing improved access to Diriyah and the rest of Riyadh.
Earlier in January, during the Saudi Tourism Forum, Inzerillo told Arab News that Riyadh will be undergoing consistent transformative change “every year” that will allow visitors and residents to feel a palpable difference.
In December, global hospitality giant Mariott International conducted a groundbreaking ceremony for its flagship project, The Ritz-Carlton, in Diriyah.
This hotel is expected to open in 2026, and will feature 195 guestrooms, including 34 suites, a specialty restaurant, and an all-day dining venue.
