Diriyah is a UNESCO World Heritage site. Credits: GettyImages/SOPA Images

Diriyah Co, the company tasked with building a $64bn cultural heritage project outside Riyadh, is near securing $400m in foreign investments. Jerry Inzerillo, Diriyah’s CEO, said that companies from Italy, Colombia, and the United Arab Emirates have been the latest to make commitments to the project at the sidelines of the Future Investment Initiative summit in Riyadh.  

“What we’re seeing is not just Gulf investment, Saudi investment but foreign investment,” he added. The company has been awarded at least $4b in contracts since July.  

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The project falls under the Kingdom’s Vision 2030 plan to revamp the country and decrease its reliance on fossil fuels. According to Inzerillo, the project will be a 14-square-kilometre city housing 38 hotels, over 100 restaurants and 100,000 residents.

An influx of foreign investment into the tourism sector is a welcome development as the Kingdom’s budget tightens despite its vast size. Lower oil prices and production have decreased revenue. It has led to delays and the scaling down of some major projects.  

There is a greater focus on domestic growth, rather than the “take our money and leave” mentality that used to dominate between the Kingdom and foreign investors seeking to tap into the sovereign wealth fund, according to Amwal Capital Partners executive Fabi Arbid.  

See Also:

While Inzerillo said he hadn’t seen “a penny taken out of the budget” for Diriyah, he admitted that there are “very complex” supply chain issues affecting all mega projects in the Kingdom.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Tourism is a major part of Vision 2030 which aims to reach 150m annual tourists (last year there were 109m). To grow the tourism sector, the Kingdom aims to attract $80b in private investments and plans to spend close to $1 trillion in the next ten years.