The optimism of young Saudis is my own daily dose of energy
https://arab.news/5gygw
If there is one thing I have learned from more than five decades in business, it is that to really succeed you must be in what I call the 'people business.'
Prioritizing people has always been the cornerstone of how I lead — because when you put people first, everything else falls into place. It is the key to inspiring, managing and motivating those you work with every day.
As an American working in Saudi Arabia for the past seven years — the people I have had the privilege to work with have been simply extraordinary. The warmth and hospitality, the professionalism, the enthusiasm and the desire to succeed has been far beyond my expectations.
I can honestly say that it has been the greatest honor of my career to work with so many young, super-educated and passionate Saudis. And when you consider that the average age of our Saudi team at Diriyah is 31, their energy and dedication is a huge motivating factor for me 24 hours a day.
From the beginning, my philosophy has always been, 'There is only one Diriyah,' and I am proud to say that it has been embraced throughout the Diriyah Company organization — at every level.
The people we serve within an organization are noble individuals and must be treated with dignity and respect
Jerry Inzerillo
We always need to remember that the people we serve within an organization are noble individuals and must be treated with dignity and respect. Because when you do that — we all serve with our hearts.
For many of the amazing young men and women we employ, working for a large-scale development company like ours can initially be overwhelming.
That is why, from the very beginning, we established strong training principles designed to help individuals grow — not just as professionals, but as people too. This foundation has helped drive their careers on a steady upward path and, over the past year, it has evolved to include international opportunities through collaborations with the Royal Institution of Chartered Surveyors and the London Business School.
Since arriving in the Kingdom, I have always been amazed at the hospitality and the welcome I have received. It is something I see everywhere I go, and I know that is a sentiment shared by millions of international visitors arriving in Saudi every year. Any preconceptions about visiting this wonderful, undiscovered country disappear the moment they arrive and start to meet and engage with the wonderful people of this nation.
At Diriyah, we have hosted hundreds of heads of states, sporting superstars and other luminaries in recent years.
For me, what truly highlights how special Saudi Arabia is today is seeing visitors walking through Diriyah. Relaxed, curious, exploring and wide-eyed with what they are discovering around every corner of At-Turaif or walking along Bujairi Terrace, the newly opened Zallal or staying at our beautiful Bab Samhan Hotel. Sharing that same sense of wonder I had all those years ago, when I first saw how much untapped potential Saudi Arabia has and what it can offer to the world.
My message to all is that to succeed in life — both at work and at home — you need to serve with all your heart
Jerry Inzerillo
These visitors and I have met so many young Saudis who are passionate, fired up and energetic about the transformation of the nation and the rich opportunities on offer thanks to Vision 2030 and the energy shown by Crown Prince Mohammed bin Salman.
I have often joked with colleagues that the optimism and positivity shown by these young Saudis is my own daily dose of energy.
One thing that is very close to my heart — and a message to the incredible people I work with — is that we always need to remember that service is nobility. And it is something we have a duty to pass on to the next generation, who will continue to shape the future of a country that is advancing more rapidly and progressively than anywhere else in the world today.
My message to all is that to succeed in life — both at work and at home — you need to serve with all your heart. There are no shortcuts, and it is important to remember that, in life, you ultimately get out what you put in.
And finally, when it comes to our Diriyah team — I always ask them to remember that we are building something extraordinary out of the 300-year-old birthplace of the First Saudi State. A place that is to the Kingdom what the Colosseum is to Rome and the Acropolis is to Athens.
All are welcome. Please come visit and see for yourself.
'There is only one Diriyah.'
• Jerry Inzerillo is the Group CEO of the Diriyah Gate Development Authority.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
2 hours ago
- Argaam
Q2 performance outlook for Saudi firms: What to expect?
The Saudi-listed companies will disclose their Q2 2025 financial results on July 1 and will continue until August 11. Investors and market participants are eagerly awaiting the start of earnings releases, expected to begin next week.
Arab News
2 hours ago
- Arab News
The GCC's unified tourist visa could reshape travel for Pakistanis
After years of speculation and deliberation, the Gulf Cooperation Council (GCC) has finally green-lit a unified tourist visa, a long-awaited move that promises to reshape travel and mobility across the region. While this step is undoubtedly a major win for regional tourism, its impact on the Pakistani diaspora, one of the largest expatriate communities across the Gulf, is particularly noteworthy. For decades, Pakistani workers, students and families have navigated complex, often frustrating visa procedures for each individual Gulf state. From applying for separate visas for travel between Dubai and Doha to struggling with student documentation or missing out on major events like concerts or expos due to last-minute rejections, the process has been anything but seamless. The unified tourist visa offers a glimmer of relief. Though designed primarily for tourists, the ripple effect is far more expansive, opening doors for short-term mobility, job exploration, educational opportunities, and cross-border family reunions. Consider this: In the first three months of 2025 alone, over 151,000 Pakistani workers relocated to GCC countries. These include both skilled professionals and unskilled laborers seeking better livelihoods and the chance to support families back home. For them, even temporary mobility between GCC countries can mean access to new job markets, interviews, trade expos, and skill training opportunities that would otherwise be financially and bureaucratically out of reach. The emotional weight of these restrictions is not to be underestimated either. Countless Pakistanis living in the Gulf find themselves separated from family members in neighboring countries, unable to attend weddings, funerals, or even share a meal during Eid simply because of visa delays or denials. The recent Coldplay concert in Dubai, which saw several Pakistani fans turned away due to visa rejections despite holding confirmed tickets, was just one high-profile example of how cultural experiences, too, become inaccessible behind red tape. The new visa could allow families to plan trips, attend events, and spend quality time across borders without enduring the anxiety of visa roulette. For the Pakistani diaspora, often the invisible workforce behind Gulf megacities, it is a small but symbolic shift toward acknowledgment and inclusion. Sara Danial Moreover, for students and young professionals, this visa could open up cross-GCC educational fairs, internships, workshops, and academic conferences, giving them the kind of exposure and access their peers in more mobile regions have long enjoyed. In a time when digital economies, innovation hubs, and collaborative education are reshaping the Gulf's landscape, this ease of movement is not just a convenience, it's an enabler of progress. For Pakistan, the benefits go beyond personal mobility. The remittances sent back by Pakistani workers in the Gulf form the backbone of the country's fragile economy. According to the State Bank of Pakistan, remittances from GCC states alone make up a substantial portion of the country's foreign exchange reserves. Any move that facilitates smoother onboarding, better job access, and regional mobility for workers can directly impact the volume and sustainability of this economic lifeline. But there's more. This unified visa also has the potential to boost tourism from Pakistan to lesser-visited Gulf destinations. While Dubai and Doha have long attracted visitors, countries like Oman, Bahrain, and Kuwait may now see an uptick in Pakistani tourists and short-term business travelers who previously didn't find it worth the hassle or cost of applying for multiple visas. This not only enhances people-to-people ties but also presents an opportunity for regional cultural exchange. That said, it's essential to acknowledge that the unified visa is, for now, a tourist visa, not a work or study permit. Skeptics may argue that its benefits for Pakistani workers or students are limited. But in practice, this visa provides the first layer of accessibility. It simplifies initial visits, lets prospective workers explore job markets, attend interviews, and build networks before securing long-term permits. Similarly, students can scout campuses, attend short courses or conferences, and explore their options with far less friction. It's the bridge before the commitment. This step toward integration also signals something larger: a region increasingly recognizing the need for cooperation, not just in policy or economy, but in the lived experiences of the millions who call the Gulf home, even temporarily. For the Pakistani diaspora, often the invisible workforce behind Gulf megacities, it is a small but symbolic shift toward acknowledgment and inclusion. Ultimately, for this policy shift to achieve its full potential, it must be coupled with clarity, accessibility, and perhaps, in time, expansion into work and study categories. But as a first step, it's an important one. It shows that the Gulf is ready to open up in ways that matter not just to tourists in luxury resorts but to workers, students, and families in shared apartments. The GCC unified visa may be stamped as a tourist pass, but for millions of Pakistanis, it carries the promise of connection, convenience, and economic opportunity. At a time when the world feels increasingly divided, that's a border worth crossing. —Sara Danial is an independent writer from Karachi.
Arab News
3 hours ago
- Arab News
PIF embraces ‘precision finance' with diversified debt strategy, says Global SWF
RIYADH: Saudi Arabia's Public Investment Fund is embracing a calibrated, multi-instrument approach to debt issuance described by Global SWF as a model of 'precision finance.' According to the research firm, the purpose — following the issuance of the commercial paper program in June — is to align PIF's funding tools with investment timelines, liquidity needs, and investor targeting, while reinforcing financial discipline across its expanding portfolio. In its report, Global SWF noted that PIF is moving away from a singular focus on long-term mega-bond issuances and toward a more agile debt framework that includes commercial paper, sukuk, green bonds, and multi-tranche conventional bonds. This strategy is designed not just to raise capital, but to do so with precision, which is matching maturities to project lifecycles and diversifying funding sources across global markets. Global SWF highlighted that PIF's latest move, completes a full-spectrum debt portfolio that now includes ultra-short to ultra-long maturity instruments. The commercial paper, issued in US dollar and euro denominations via offshore special-purpose vehicles, secured the highest short-term credit ratings available: Prime-1 from Moody's and F1+ from Fitch. These ratings reflect exceptional credit quality and grant PIF access to deep liquidity pools among institutional investors such as money market funds. The commercial paper program is a critical addition to a borrowing strategy that also includes a $3 billion 100-year green bond issued in October 2022, a $5.5 billion green bond in February 2023, a $3.5 billion sukuk in October 2023, and a series of multi-tranche bonds and sukuk issued through early 2025. With each offering, PIF has tailored tenor, currency, and structure to match specific financial and investor objectives. The evolution of PIF's financial strategy is closely tied to its broader transformation under Vision 2030. Since 2016, the fund has grown its assets under management from $160 billion to $941.3 billion, according to the latest Vision 2030 Annual Report. It has now increased its 2030 AUM target to $2.67 trillion, reflecting its expanded mandate and rising international profile. PIF's investment strategy is balanced between domestic development and global positioning. About 40 percent of its assets are allocated to Saudi-based companies and projects, while the remaining 60 percent target international sectors such as technology, logistics, mining, and tourism. According to the Vision 2030 report, PIF's initiatives have helped create 1.1 million jobs, attracted over $37 billion in private capital, and grown the number of PIF-established companies from 45 in 2021 to 93 in 2024. A strategic departure from Gulf norms While other sovereign wealth funds such as Norway's NBIM remain entirely debt-free, and Singapore's Temasek or China Investment Corporation borrow sparingly, PIF has opted for a hybrid model, one that combines government equity injections with strategic use of debt instruments. According to Global SWF, this is not a matter of opportunistic borrowing. Rather, PIF is practicing deliberate asset-liability matching which focuses on issuing long-dated bonds to support giga-projects like NEOM or The Line, while using short-term debt for working capital needs and market-timed investments. Sukuk offerings help tap into regional Islamic finance liquidity, and green bonds target environmental, social, and governance-focused global capital. This differentiated approach allows PIF to broaden its investor base while keeping funding costs aligned with the nature and duration of its projects. Why ratings matter The fund's credibility is bolstered by strong long-term credit ratings: Aa3 from Moody's and A+ from Fitch. This has allowed it to secure favorable terms on successive bond offerings and confirmed that PIF is regarded as an exceptionally low-risk short-term borrower, giving it seamless access to institutional liquidity globally. Global SWF emphasized that the ratings, combined with diverse issuance formats, position PIF among a small group of sovereign wealth funds with the internal capability to manage complex, multi-layered debt programs. Saudi Arabia is currently navigating a tighter fiscal environment, with a projected 2.3 percent budget deficit in 2025 and a more disciplined approach to public spending. In this context, PIF's access to capital markets is more than just financial, according to Global SWF, it serves as a strategic bridge that enables ongoing project execution without placing undue pressure on state reserves. The firm noted that the fund's recent bond and sukuk calendar illustrates a sequenced and diversified funding plan, rather than reliance on a single issuance type. This is especially important as global interest rates remain volatile and investors increasingly scrutinize sovereign debt sustainability. Rather than treating debt as a one-off tool, the fund is deploying it systematically, by tenor, purpose, and investor group, to support a $2.6 trillion vision for economic diversification and global investment leadership. As the Kingdom approaches the final stretch of Vision 2030 implementation, PIF's capital strategy offers a case study in how sovereign wealth funds can combine financial discipline, market sophistication, and national ambition under a unified financing framework.
