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. More
Asharq Bloomberg
IBTISAM AZZAM
Al-Eqtisadiah
