Latest news with #DiriyahCo
Arab News
3 days ago
- Business
- Arab News
Saudi Arabia's Diriyah Co., Kakao Mobility sign deal to boost smart mobility
RIYADH: Diriyah Co., backed by Saudi Arabia's Public Investment Fund, has signed a memorandum of understanding with South Korea-based Kakao Mobility to enhance smart mobility infrastructure across the historic city of Diriyah. Announced in a post on X, the agreement is designed to develop integrated transportation solutions to accommodate the 50 million annual visitors projected during the first phase of the Diriyah project. The partnership will see Kakao Mobility contribute to the implementation of digital transport systems, seamless transit services, and smart parking infrastructure. The initiative aligns with Saudi Arabia's broader push to diversify its economy and reduce its dependence on oil, as outlined in Vision 2030. 'Mobility to shape the future of urban mobility. This collaboration brings smart, sustainable solutions to life, enhancing the digital movement experience for over 50 million annual visits by 2030,' Diriyah Co. stated in its post on X. The agreement marks the beginning of a phased rollout, starting with a smart parking pilot. The project also includes plans for a fully integrated prototype for smart parking and the deployment of advanced digital systems to streamline urban movement within Diriyah. In addition to enhancing visitor mobility, the collaboration supports Saudi Arabia's National Tourism Strategy, which aims to attract 150 million visitors annually by 2030. The company emphasized that the digital platform under development will connect key destinations within Diriyah, contributing to sustainable urban mobility and reinforcing the Kingdom's commitment to innovation and smart city solutions. Once completed, the Diriyah development is expected to contribute SR18.6 billion ($4.96 billion) to the Kingdom's gross domestic product and create approximately 178,000 jobs. In April, Diriyah Co. awarded a contract worth SR5.1 billion for the construction of the Royal Diriyah Opera House — a major cultural project. The contract was granted to El-Seif Engineering Contracting, Midmac Contracting Co. W.L.L., and China State Construction Engineering Corp.
Argaam
13-02-2025
- Business
- Argaam
Diriyah to unveil Saudi Champs-Élysées by end of 2025: CEO
A Saudi version of the Champs-Élysées is set to be unveiled in Diriyah, with an official announcement expected by the end of 2025, Diriyah Co. CEO Jerry Inzerillo revealed. Speaking at a panel during the PIF Private Sector Forum, Inzerillo stated that the project's name will be announced at the Future Investment Initiative (FII). He also noted that Crown Prince Mohammed bin Salman personally selected the name, predicting that it will gain global recognition within a few years. The 1.9-kilometer-long boulevard will feature key attractions, including the Saudi Museum of Contemporary Art, an opera house, and the world's largest Apple store, among other landmarks. According to data available with Argaam, Diriyah was established in 2022 as a subsidiary of the PIF to develop Diriyah into a premier global cultural destination. Additionally, the Diriyah Gate Development Authority (DGDA) launched the first phase of the historical Diriyah redevelopment project in June 2020, with a total investment of SAR 75 billion.
