Latest news with #Inzerillo
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.'
Arab News
29-04-2025
- Business
- Arab News
Diriyah Co. awards $1.13bn contract for King Saud University relocation
JEDDAH: Saudi Arabia's Diriyah Co. has awarded a SR4.22 billion ($1.13 billion) construction contract to relocate King Saud University's utilities and administration offices, advancing infrastructure development in one of the Kingdom's flagship urban projects. The project was given to a joint venture between China Railway Construction Corp.'s Saudi branch and China Railway Construction Group Central Plain Construction Co., according to a press release. Part of the Public Investment Fund's giga-project portfolio, the Diriyah development is a 14 sq. km mixed-use district poised to house nearly 100,000 residents and provide office space for tens of thousands of professionals across the technology, media, arts, and education sectors. Once complete, it is expected to generate 178,000 jobs, attract nearly 50 million annual visitors, and contribute SR70 billion to Saudi Arabia's gross domestic product. Jerry Inzerillo, group CEO of Diriyah Co., said: 'We are delighted to announce this major contract to support King Saud University, whose campus adjoins the Diriyah development area.' He emphasized that the agreement represents a significant step in furthering efforts to enhance both educational and infrastructural excellence in the Kingdom. 'We are proud to support one of the Kingdom's leading academic institutions in delivering enhanced infrastructure services that will benefit both its students and the broader university community,' Inzerillo said. The contract includes the design and construction of several critical infrastructure components. These include a district cooling plant, water storage facilities, and a sewage treatment plant, as well as an LPG/SNG plant and a diesel pumping station. The scope also covers a utility tunnel, irrigation tanks, office buildings, warehouses, and maintenance workshops. Li Chongyang, chairman of China Railway Construction International Group, said the project reflects the firm's commitment to delivering world-class infrastructure to the highest standards. 'We look forward to contributing to the success of this iconic project and supporting the continued growth of King Saud University,' he said. This latest award brings the total value of contracts issued by Diriyah Co. in 2025 to over $2.9 billion, as the area undergoes rapid transformation into a global destination aligned with Vision 2030.
Leaders
29-04-2025
- Business
- Leaders
Diriyah Company Boosts Saudi Tourism at Arabian Travel Market
Diriyah Company is currently taking part at the Arabian Travel Market (ATM) trade show in Dubai to boost Saudi tourism, according to the Saudi Press Agency. Set to run until May 1, the trade show offers Diriyah Company an exclusive opportunity to showcase its project that spans an area of 14 square kilometers, along with various cultural and tourist assets. During the event, the Saudi company has signed a travel trade agreement with Saudi travel brand GoZahid to strengthen Diriyah's position as a prestigious global cultural and tourism destination. The new collaboration will focus on launching heritage campaigns to attract tourists, promoting destination marketing, training tour organizers and hosting specialized workshops. Therefore, this strategic partnership perfectly aligns with Diriyah's objective of welcoming 50 million visits annually by 2030. Diriyah Company Boosts Saudi Tourism at Arabian Travel Market The company has already made bold strides by attracting more than 3 million visits since opening its UNESCO World Heritage site of At-Turaif and Bujairi Terrace dining precinct in December 2022. Through the development of several cultural and tourism projects, Diriyah seeks to become the greatest gathering hub worldwide. Royal Diriyah Opera House The company has recently awarded a SR5.1 billion ($1.4 billion) contract to construct the Royal Diriyah Opera House, according to Arab News. This new contract represents an integral part of a series of contracts that commenced at the beginning of the second quarter of 2025. The series stands as a testament to Diriyah's continuous efforts to develop the historic area on the outskirts of Riyadh. Signed by Diriyah's Group CEO Jerry Inzerillo, the ceremony highlighted the presence of Khaled Al-Hazani, Executive Vice President of the lifestyle sector at the Royal Commission for Riyadh City (RCRC), and representatives of the three companies. 'The Royal Diriyah Opera House will be a defining asset in Diriyah, which reinforces Diriyah's growing global role in shaping Saudi Arabia's artistic and cultural future, in line with the Saudi Vision 2030 goals,' Inzerillo said. Set to be the largest opera in Saudi Arabia, the opera house will feature a 2,000-seat main hall. Managed by the RCRC, the hall will be the centerpiece of this cultural complex, featuring a theater, studio, rooftop amphitheater, and numerous multipurpose halls. With a total seating capacity of 3,100, this hub will reshape the Kingdom's cultural landscape. 'This contract is an important step in our journey toward building a diverse range of assets across the Diriyah development area,' Inzerillo added. He also noted that this iconic architectural landmark will play a critical role in gathering people and offering them unforgettable performances. Related Topics: Diriyah Art Futures Launches New Exhibition for Digital Artists Diriyah Unveils Revolutionary Media & Innovation Hub at MIPIM 2025 MBS Project Revitalizes Al-Oudah Mosque in Diriyah Under Historic Initiative Short link : Post Views: 4
Forbes
23-04-2025
- Business
- Forbes
How Saudi Arabia Is Becoming A World Tourism Power
Saudi Arabia wants to be a global tourism destination. Its stated goal is to be "the world's leading tourism sector driving the highest sustainable impact." Vision 2030 envisions 150 million visits (raised from 100 million – a target already achieved) and more than 1.6 million job opportunities. In 2024, the Kingdom of Saudi Arabia, or KSA, hit 30 million international visitors who spent $41 billion. Over $800 billion is being invested. All the major hotel groups from Marriott and Hilton, IHG, Accor and Hyatt to luxury players such as Mandarin Oriental, Rosewood and Aman have multiple projects covering an expansive variety of experiences. There are new airports, new airlines and high-speed rail being developed. GDP from tourism is projected to increase from 3% in 2019 to 10%. Nationals from over 60 countries can now obtain visas online or on arrival, making visiting easier than ever. Next month, KSA will open domestic private jet charter flights to foreign operators. This move could super-charge more HNW visitors who serve as opinion leaders and influencers to other HNWs. Diriyah Gate Company Limited Group CEO Jerry Inzerillo says the Kingdom of Saudi Arabia is well ... More positioned to be a major force in world tourism. 'The evolution in tourism and cultural development that the KSA has made in the past seven years in bringing their Vision 2030 to fruition is absolutely mind boggling,' says Edie Rodriguez, a veteran travel industry CEO who previously served on the board of the Saudi Tourism Authority. She adds, 'Their efforts are certain to become a new global benchmark for tourism development and a future series of Harvard business case studies.' Diriyah is one of the KSA's most important giga projects, combining history, culture and entertainment. Recently we spoke with, Jerry Inzerillo, who is the Group Chief Executive Officer of Diriyah Gate Company Limited. Inzerillo, discussed all things tourism-related. Below is a condensed version of the interview. Question: How does Diriyah differ from some of the other giga projects that are going on right now? Inzerillo: Everybody knows Beverly Hills and Beverly Hills sits in the metroplex of Los Angeles, but it has its own form-based code and its own personality. Beverly Hills feels different than Los Angeles. Beverly Hills is 14.7 million square meters (5.2 square miles). Diriyah sits in the middle of the metroplex of Riyadh, a G20 city going from eight to 12 million people with a new master plan. Diriyah is the same size as Beverly Hills but anchored by a UNESCO World Heritage Site (one of eight in KSA) where the Kingdom started 300 years ago and where the House of Al Saud was formed 300 years ago. Now, through the inspiration of the King and the Crown Prince as my chairman, King Salman and Mohammed bin Salman, we have appropriated $64 billion to build a tourism living, pedestrian, eco-friendly, walkable master plan like Florence, Italy, in the middle of Riyadh, but looking like it did 300 years ago with that color and that typology of mud and wood and stone. Q: Where does the name Diriyah come from? Inzerillo: Before Saudi Arabia was called Saudi Arabia, it was called Arabia. Then, when the House of Al Saud organized Arabia, they named it after themselves, Saud's Arabia or Saudi Arabia. Before Arabia, 300 years ago, Arabia was called Diriyah. The name Diriyah was the original name of the first Saudi state. Q: Can you tell us more about Diriyah's scale? Inzerillo: We expect to attract 27 million tourists. We're building 42 new hotels, the first is open now, the Bab Samhan Hotel, which is doing very well—all the big luxury brand names. Over 200 restaurants and over a thousand retail (stores) are to be built between now and 2030: nine museums, some big ones, including the House of Al Saud. You'll have an ecosystem of 100,000 people, plus all the tourism on top of that. Q: Will people live there? Will there be office space? Inzerillo: Yes, there's quite a bit. There are 100 million square meters of office. 30,000 residents. You can live, you can work, you can recreate right there. The difference is that we only go up six stories in height. It will feel like Florence in Italy. Q: What about other development in Saudi Arabia? Inzerillo: We have about 30 major projects right now. The Egyptians are famous for the Red Sea, Sharm El Sheikh, but Egypt controls 21% of the Red Sea. People don't realize that Saudi Arabia controls 45% of the Red Sea, with the largest living coral reef in the world. Now, we never used it. You couldn't go there. Now we're developing the Red Sea as a resort, sand and sea. On the coast of the Red Sea, the city of Jeddah will be the Kingdom's Miami. Diriyah and Riyadh in central Saudi Arabia are New York, Washington, DC. Q: How is the government making investing more hospitable to foreign investors? Inzerillo: We had a big change in the law, which is effective this year. It's a giant change. We have many changes. One of the most transformative laws is that in 2025, non-Saudis can rent, lease, or own all residences. Now, non-Saudis can own any business in the Kingdom without a Saudi partner. Q: What about misperceptions about tourism in the KSA? Inzerillo: If there was an equation, which there's not, on the image of a country versus how the society is functioning, Saudi would have one of the biggest gaps in the world to this day. No one's saying it's unfair. We know it. In the post-Saudi tourism focus groups, we ask, 'What did you think now that you left?' Visitors tell us, 'We had no idea that Saudi Arabia was so warm and welcoming. We had no idea the country was so beautiful.' This is a good thing, but you have to get the word out. That's why tourism is enormous. Tourism is changing the perception so fast. The other thing changing the perception so fast is that all the young Saudis are coming home because they're optimistic. They're all on social media. Now, with Instagram and Snapchat, you see these beautiful images. My staff is 3,200. It's 82% Saudi. It's 39% women, 16% of which are in management. The average age of my staff is 31. Q. The Western image of a vacation or a business function is relaxing or mingling with an alcoholic beverage. How is being a dry country impacting reaching tourism goals? Inzerillo: We learned something accidentally that surprises all of us. In addition to being CEO of Diriyah, I'm also on the board of tourism for Saudi Arabia. When we interview people who have never been to Saudia Arabia on what they want when they come, alcohol is in the top 10. It's one of the things. When we do the interviews on the post, it is not in the top five, not even in the top 10. In the last five years, we've hosted over 100 international events without alcohol, and nobody misses it. We're so surprised. People are coming and having a great time. The law is the law now. One can't predict the future, but nobody is missing it. It's amazing.
