How Saudi Arabia is building investment ties with the US and Europe
US President Donald Trump's four-day visit to Saudi Arabia, the United Arab Emirates, and Qatar last week marked a significant milestone in strengthening the United States' ties with key powers in the Middle East.
The visit comes at a time when Saudi Arabia has been increasingly asserting its presence on the global stage and bolstering its reputation as a leading power in the region over the past few years.
In an interview with Euronews, the CEO of Diriyah Company, Jerry Inzerillo, shed more light on president Trump's tour, some of the key investments announced and how Saudi Arabia is building a closer relationship with Europe and the US.
Trump is reported to have a very good relationship with Saudi Arabia and its Crown Prince and Prime Minister, Mohammed bin Salman Al Saud, having visited the country during his first term as US president.
'The two of them get along famously,' Inzerillo noted.
However, the CEO of the Diriyah Company emphasised that this visit was quite different from Trump's earlier one, with the US president especially appreciative of the kingdom's giga real estate projects.
'A lot has changed in eight years. It's a different Saudi Arabia, it's a different Gulf. When he came, with everything he was doing, I don't think he really had a chance to focus on the sociological changes and the progress and he was blown away,' Inzerillo said.
During Trump's first official visit, Saudi Arabia's Vision 2030 government programme — which aims to drive economic, cultural, and social diversification — was still in its early stages.
However, giga-projects such as the Diriyah Project, led by the Diriyah Company and worth about $64 billion (€56.5bn), are now well under way. This project is expected to transform Diriyah, a UNESCO World Heritage site, into a major historical, cultural, and tourism destination, and is scheduled for official completion in 2030.
Inzerillo pointed out that the project, launched seven years ago, is on schedule and within budget, and covers a vast area of 14 million square metres.
'So we've opened substantial assets, we will open assets every year now until the greatest expo in 2030. What we're seeing now is very interesting because we have a lot of financial support from Saudi conglomerates,' Inzerillo explained.
He added: 'We've seen a lot of foreign investment from the Gulf coming into Saudi because people can see the results. Almost 600 companies now locate their regional office in Riyadh, which is the G20 city of the Gulf.'
As part of Saudi Arabia's Regional Headquarters (RHQ) programme, several US and global giants have chosen to set up their regional headquarters in the capital.
This includes major tech companies such as Google, Amazon, Apple and Microsoft, as well as investment banks and asset management companies like Morgan Stanley and BlackRock. Deloitte, PwC and PepsiCo also have their regional headquarters in Riyadh.
Referring to the Kingdom's capital, Inzerillo said: 'It's a powerhouse in terms of commerce. It's the centre of gravity for the Middle East and the Gulf. So it's now becoming an economic powerhouse.'
A wide range of major agreements were announced and confirmed during the US-Saudi forum, which took place on 13 May. These ranged from artificial intelligence, defence, tech, aerospace, infrastructure, tourism, mining and agriculture.
Over 300 CEOs attended Trump's Middle East tour, with more than $600bn (€529.3bn) worth of deals announced and signed.
A number of US cabinet ministers such as the Secretary of Defence, Secretary of State, Secretary of the Treasury and Secretary of Energy also accompanied Trump on this visit.
'It was an extraordinary 26 hours. Saudi Arabia is playing a very big strategic role in terms of diplomacy,' Inzerillo said.
Saudi Arabia has also been actively working on strengthening ties with major European nations, having hosted state visits from British, French, and German leaders earlier this year.
'Pretty much all of the major European nations have been to Saudi. It's interesting because annually, everybody will go into New York to attend the United Nations General Assembly. But last year, in 2024, His Royal Highness the Crown Prince welcomed 109 heads of state to the kingdom,' Inzerillo pointed out.
Apart from the Diriyah project, he noted: 'We're doing business with over 200 European companies now in design, engineering, civil engineering, tourism, culture, museums, training, very major implications for Europe.'
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