Saudi Arabia: Diriyah CEO says project’s development remains on schedule

 

Diriyah CEO confident of completion of project on time and within budget 

Diriyah Co. CEO Jerry Inzerillo said the Diriyah development remains on schedule and within budget despite ongoing geopolitical developments, stressing that construction work has continued without interruption.

Speaking to Al Ekhbariya in Paris on the sidelines of Crown Prince Mohammed bin Salman’s visit, Inzerillo said the project is expected to be substantially completed by 2030.

Several major components are already operational or nearing completion. The golf course and new country club in Wadi Safar opened earlier this year, while Diriyah Co. is preparing to open the Royal Equestrian and Polo Club.

 

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Hotels including Faena, Oberoi and Cheval are expected to open by the end of next year or in the first quarter of 2027. Construction is also underway on a new Aman hotel, while residents are expected to begin moving into the Ritz-Carlton residential compounds within the next one to two months, Inzerillo said.

Diriyah Co. has awarded contracts worth SAR 6 billion to 27 French companies, according to Inzerillo. The company also recently signed a SAR 400 million agreement with Egis, one of France’s leading infrastructure firms.

According to data compiled by Argaam, the Diriyah Gate Development Authority launched the first phase of the SAR 75 billion rehabilitation and development program for Historic Diriyah in June 2020.

The master plan spans 7 square kilometers and includes a broad range of tourism, hospitality, entertainment and residential destinations designed to transform Diriyah into a major global cultural and tourism hub.

 

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The development is projected to contribute approximately SAR 70 billion to Saudi Arabia’s GDP, create around 180,000 jobs, accommodate nearly 100,000 residents and attract about 50 million visits annually.

To date, Diriyah has awarded development contracts worth more than SAR 110 billion to local and international companies, representing a substantial portion of the project’s total estimated value of SAR 236 billion.

Source: Argaam