Jerry Inzerillo, CEO of Diriyah Gate Development Authority (DGDA)
Diriyah Gate Development Authority (DGDA) concluded deals worth nearly $1 billion with European companies, CEO Jerry Inzerillo said, Reuters reported.
The company contracted with an Italian development firm and a French company. Meanwhile, talks are underway with several foreign investors seeking to purchase stakes in hotels and real estate development projects.
In 2023 and 2024, the Public Investment Fund (PIF) supported the Diriyah project with SAR 20 billion ($5.33 billion), with about SAR 12 billion expected to be pumped into the project in 2025.
Inzerillo highlighted the great interest from foreign investors, especially the US. They have already bought stakes in diverse projects in Diriyah, with more seen to purchase other stakes.
Investment priorities changed on upcoming events such as Expo 2030 in Riyadh. However, the pace and scope of Saudi mega projects were not curtailed, the CEO pointed out.
DGDA started the first phase of rehabilitating and developing historic Diriyah in June 2020, with a value of SAR 75 billion. The master plan covers an area of seven square kilometers and includes a variety of tourism and entertainment spots, according to data compiled by Argaam.
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