Diriyah: Infrastructure work underway at fast pace
Jerry Inzerillo, Group CEO of the
Diriyah Gate Development Authority, announced that the major infrastructure of
Diriyah is scheduled for completion by 2027. “The project will include 60,000
underground parking spaces, pedestrian-friendly zones, and cutting-edge
facilities that blend seamlessly with the city’s historical heritage,” he said.
Inzerillo made the announcement at
the PIF Private Sector Forum in Riyadh, emphasizing that Diriyah Square
will be a central element in the city’s transformation.
“The commercial and cultural
district under construction currently has 83 tower cranes working at full capacity.
Once completed, it will feature a 1.9-kilometer boulevard, modeled after the
Champs-Élysées, and will house Saudi Arabia’s contemporary art museum, a
20,000-seat arena, an exhibition center, an opera house, and the largest Apple
store in the world,” Inzerillo added.
He further described Diriyah’s $64
billion transformation as an unprecedented undertaking, positioning it as a
global destination and a model of sustainable, walkable urban design.
Read More Diriyah
Square to be the centre of attraction in Diriyah
“Currently, 40,000 workers are
on-site every day, driving the development of Diriyah, including major
infrastructure and hospitality expansions,” Inzerillo said.
The UNESCO World Heritage Site in
Diriyah has already attracted 3 million visitors, with projections set to reach
27 million by 2030.
Inzerillo highlighted the financial
success of Diriyah, noting that the development is already generating revenue.
“Operating income is expected to exceed projections for 2025,” he revealed.
“Residential sales have already reached between SR13 billion and SR14 billion
in advanced deposits. Luxury properties, including residences branded by
Ritz-Carlton, Raffles, and Oberoi, have sold out, and five of the 37 Aman
Villas were purchased within three days of release.”
“These are confirmed sales, backed
by deposits,” Inzerillo emphasized. “We’re also seeing increasing confidence
from international investors, including developers from Italy and Colombia, as
well as growing interest from Qatari and Emirati buyers.”
Read More Raffles
Residences launched in Saudi Arabia’s Diriyah
Inzerillo also pointed out that
Diriyah is a flagship project under Saudi Arabia’s Vision 2030, aligning with
the Kingdom’s broader economic transformation. “Saudi Arabia is experiencing a
surge in multinational corporations establishing headquarters here, driven by a
growing confidence in the country’s evolving business-friendly environment,” he
said.
He further highlighted the Kingdom’s
rapid rise to G20 status, noting that no other country has achieved this
milestone faster.
Diriyah’s development is also set to
play a key role in Saudi Arabia’s growing portfolio of international events,
including Expo 2030, the 2027 Asian Football Games, and the 2034 FIFA World
Cup.
“As Riyadh’s population is projected
to reach 12 million, Diriyah is emerging as the city’s hub for a
pedestrian-friendly, high-quality lifestyle,” Inzerillo said.
Covering 14.2 million square
meters—roughly the size of Beverly Hills, California—Diriyah will feature 40
luxury hotels, 30,000 residences, and a wide range of retail and dining
options. Nearby, Wadi Safar will offer high-end resorts from brands like
Aman, Six Senses, and Chetty, alongside a 27-hole golf course designed by Greg
Norman.
Read More Diriyah
to attract tourists all year round
Looking ahead, Inzerillo suggested
that Diriyah may be publicly listed in the future, following the example of
other PIF-backed mega-projects. “With a strong return on investment and
increasing interest from both local and international investors, Diriyah is
well-positioned for long-term financial sustainability,” he concluded.
0 Comments