Latest news with #DiriyahProject
Trade Arabia
3 days ago
- Business
- Trade Arabia
Korean group to develop hitech mobility solutions for Diriyah project
Diriyah Company, a dynamic mixed-use developer transforming Saudi Arabia's historic birthplace into a vibrant new capital of culture and entertainment, has signed an agreement with Korea's Kakao Mobility, thus setting the stage for development and deployment of advanced mobility technologies within the first phase of its flagship sub-project under the broader Diriyah master plan. A unit of Saudi sovereign wealth fund PIF, Diriyah is helping shape the future of Saudi Arabia's most iconic destination, thus honouring its heritage while embracing innovation. Diriyah Company said this strategic partnership aims to leverage innovative smart parking technologies and develop digital platforms that promote seamless, efficient mobility for its residents and visitors. Under this agreement, both parties will collaborate on an in-depth assessment to support the development of smart parking infrastructure and digital platforms at selected sites within the first phase of the Diriyah project. This includes integrating digital parking systems, enabling seamless data connectivity, optimizing user experiences, and designing efficient operational workflows, it stated. Group CEO Jerry Inzerillo said the agreement marks a significant advancement in smart mobility, affirming the company's commitment to delivering world-class projects that will serve millions of visitors, enhance quality of life in Diriyah, and support the broader goals of Saudi Vision 2030.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Diriyah Company Partners with Kakao Mobility to Develop Cutting-Edge Mobility Solutions
Saudi Arabia's Diriyah Company has signed a Memorandum of Understanding (MoU) with South Korea's Kakao Mobility. The MoU sets the stage for developing and deploying advanced mobility technologies within the first phase of Diriyah, a flagship sub-project under the broader Diriyah master plan. A statement from Diriyah Company said the partnership aims to leverage innovative smart parking technologies and develop digital platforms that promote seamless, efficient mobility for Diriyah's residents and visitors. By integrating global best practices and innovations in smart mobility, the initiative supports Diriyah's transformation into a premier global cultural and tourism destination, with a target of attracting more than 50 million visits annually by 2030. Under the agreement, both parties will collaborate on an in-depth assessment to support the development of smart parking infrastructure and digital platforms at selected sites within the first phase of the Diriyah project. This includes integrating digital parking systems, enabling seamless data connectivity, optimizing user experiences, and designing efficient operational workflows. Group CEO of Diriyah Company Jerry Inzerillo stated that the agreement marks a significant advancement in smart mobility, underlining the company's commitment to delivering world-class projects that will serve millions of visitors, boost quality of life in Diriyah, and support the broader goals of Saudi Vision 2030.
Yahoo
21-05-2025
- Business
- Yahoo
How Saudi Arabia is building closer investment ties with Europe and the US
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. Related Tesla CEO Elon Musk says he will spend 'a lot less' on future political campaigns US voters will soon vote via smartphones, businessman Andrew Yang says 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.' Related US and Saudi Arabia sign €127 billion arms deal on first day of Trump's regional tour Trump meets Syria's 'young, attractive' al-Sharaa in Saudi Arabia and lifts sanctions on Damascus 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.' Sign in to access your portfolio
Euronews
21-05-2025
- Business
- Euronews
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.'
Trade Arabia
22-03-2025
- Business
- Trade Arabia
Giga projects spearheading Saudi construction boom
The Saudi construction market is experiencing a major transformation, driven by the ambitious goals of Vision 2030. The kingdom aims to diversify its economy and reduce its reliance on oil with 24 transformative mega and giga-projects at the forefront of this shift. Outstanding developments such as Neom, the Diriyah Project, Jeddah Central and King Salman International Airport are not only reshaping the country's infrastructure but also creating significant opportunities in sectors like tourism, technology and entertainment, according to a report by ResearchAndMarkets. These large-scale projects are critical to realizing Vision 2030, as they generate jobs, attract foreign investment and position Saudi Arabia as a global leader in innovation and sustainability. The construction market is booming, offering local and international businesses and subcontractors new opportunities to participate in world-class developments, stated the report. The successful delivery of these projects is key to Saudi Arabia's economic diversification and long-term growth, aligning with the Kingdom's goals for a sustainable and diversified future. The Saudi Giga Projects 2025 report offers an in-depth analysis of 24 transformative mega and giga-projects shaping the future of Saudi Arabia. It covers high-profile initiatives and provides comprehensive updates on the current progress of these projects, detailing the key milestones, contractor awards, companies involved and upcoming developments. The report also highlights critical opportunities within these large-scale projects, focusing on subcontractor involvement and various packages that present potential for business growth, said ResearchAndMarkets. The ongoing giga projects included Neom - Tabouk; The Line; Oxagon; The Gulf of Aqaba; Trojena; Magna; Sindalah Island as well as key Riyadh projects - Diriyah; New Murabba; Green Riyadh; Riyadh Expo 2030; Sedra Community; Qiddiya City; The North Pole Project; King Salman Park, Landbridge and Dahiyat AlFursan. The other projects include Jeddah Central Project (Jeddah); Dahiyat Makkah Gate and Thakher City (Makkah); The Red Sea Project and Amaala (Tabouk) as well as AlUla Development and Rua Al Madinah (Madinah).
