The Diriyah Gate Development Authority, the developer behind an ambitious plan to transform a historic Saudi town into an extensive tourism destination, is set to invest a further $10 billion next year.
The $63 billion project at Diriyah, a Unesco World Heritage site, is set to feature dozens of hotels and thousands of homes, with the Diriyah Gate Development Authority spending $7.5 billion last year building out the infrastructure at the 14 square-kilometer project. CEO Jerry Inzerillo said: “It’s meant to be the largest pedestrian-friendly cultural heritage city, and I’ll spend $10 billion in 2024.” He added that the first hotel is set to open this year.
The development will comprise around 30,000 homes, 42 hotels, nine museums, 100 restaurants, and a golf course, with the project one of many that the government is bankrolling to showcase Saudi Arabia as a travel hotspot.
The first hotel is set to open this year
The Public Investment Fund oversees the Diriyah Gate Development Authority, which it plans to list on the country’s stock exchange by 2027. Inzerillo expects the company to generate $100 million in revenue next year, and while banks have been hired to advise on preparations for the share sale, any IPO will likely happen after the company has built a “very substantial revenue base”.
It is envisaged that most of the 86 main assets, including hotels, museums, and performing arts centers, will be completed by 2030. Construction at Diriyah Square, set to feature thousands of homes, will finish by 2027.
Inzerillo expects the company to generate $100 million in revenue next year
Two developments within the project, which will include single-family homes and exclusive villas, will be sold to investors ahead of construction. The company is in talks with private developers from across the GCC who are looking to take part in the project.
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