DGDA can set-up firms, funds under updated regulations

Diriyah Gate Development Authority (DGDA) can set-up companies, be a shareholder and can establish investment or endowment funds, in order to fulfill its tasks and meet its goals, updated regulations posted on the Kingdom’s official gazette on Friday said.

The authority, which was established by a royal decree in July 2017, is a financially and administratively independent entity chaired by Crown Prince Mohammed bin Salman, Head of the Council of Economic and Development Affairs.

The authority’s headquarters will be in Diriyah, a UNESCO registered site, and it will run based on commercial standards, with given flexibility to achieve its objectives.

DGDA aims to implement urban, economic, social, cultural and environmental projects, and will provide all public utilities and services in order to develop the historic area.

In July, Prince Mohammed named Gerard Inzerillo as the chief executive officer of DGDA, the entity spearheading the transformative initiative to develop and manage the historical destination of Diriyah, Argaam previously reported.

DGDA’s regulation and regulations can be found here.