Saudi: Diriyah's major infrastructure set for 2027 completion, says Inzerillo
"The major infrastructure will include 60,000 underground parking spaces, pedestrian-friendly zones, and state-of-the-art facilities that seamlessly integrate with the city's historical heritage."
Speaking at the PIF Private Sector Forum in Riyadh, Inzerillo emphasized Diriyah Square stands as a defining feature of the city's transformation.
"The commercial and cultural district, currently under construction, features 83 tower cranes operating at full capacity. Once complete, it will include a 1.9-kilometer boulevard, our own version of the Champs-Élysées, housing 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."
"Diriyah, the birthplace of the Kingdom of Saudi Arabia, is undergoing an unprecedented $64 billion transformation, positioning itself as a global destination and a model for sustainable, walkable urban development," he added.
"Currently, 40,000 workers are on-site daily, driving forward the development of Diriyah, including major infrastructural enhancements and hospitality expansions," Inzerillo stated.
"The UNESCO World Heritage Site in Diriyah has already welcomed three million visitors, with projections set to reach 27 million by 2030."
"Despite still being in development, Diriyah is already generating revenue, with operating income expected to surpass projections for 2025," he revealed. "Early residential sales have reached between SR13 billion and SR14 billion in advanced deposits. Luxury properties, including Ritz-Carlton, Raffles, and Oberoi-branded residences, have sold out, while five of the 37 Aman Villas were purchased within three days of their release."
"These are not hypothetical sales; these are deposited sales," Inzerillo emphasized. "We are also seeing growing confidence from international investors, including Italian and Colombian developers, as well as rising interest from Qatari and Emirati buyers."
"Diriyah is a flagship Vision 2030 project, with its rapid progress aligning with Saudi Arabia's broader economic transformation," he continued.
"The Kingdom is experiencing an influx of multinational corporations establishing headquarters, a shift driven by growing confidence in the country and its evolving business-friendly environment."
"Saudi Arabia achieved G20 status faster than any other nation," Inzerillo noted, highlighting the Kingdom's strategic position in the global economy.
"Diriyah's rise as a cultural and investment hub aligns with 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 set to reach 12 million, Diriyah is emerging as the city's pedestrian-friendly, high-quality lifestyle hub," he said.
"Spanning 14.2 million square meters—equivalent to Beverly Hills, California—it will feature 40 luxury hotels, 30,000 residences, and an extensive range of retail and dining options. Adjacent to Diriyah, Wadi Safar will host high-end resorts from Aman, Six Senses, and Chetty, along with a 27-hole Greg Norman-designed golf course."
Inzerillo suggested that Diriyah could be publicly listed in the future, following the trend of other PIF-backed giga-projects. "With strong return on investment (ROI) and increasing interest from both local and international investors, Diriyah is well-positioned for long-term financial sustainability," he said.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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