16-02-2025
Saudi Arabia's Diriyah set on track for 2027 infrastructure completion, says CEO: Report
The Diriyah Gate Development Authority's Group CEO Jerry Inzerillo has revealed that Diriyah's infrastructure will be completed by 2027, including 60,000 underground parking spaces and pedestrian zones.
Speaking at the PIF Private Sector Forum in Riyadh, Inzerillo detailed plans for Diriyah Square, which currently employs 83 tower cranes.
'The commercial and cultural district, currently under construction, features 83 tower cranes operating at full capacity. Once complete, it will include a 1.9-kilometer boulevard, our own version of the Champs-Élysées, housing Saudi Arabia's contemporary art museum, a 20,000-seat arena, an exhibition center, an opera house, and the largest Apple store in the world,' the Saudi Gazette reported, citing Inzerillo.
The $64 billion transformation project has 40,000 workers on-site daily. The UNESCO World Heritage Site has attracted three million visitors, with expectations of 27 million by 2030.
Inzerillo reported strong financial performance, with residential sales reaching between SAR13 billion and SAR14 billion in deposits.
'These are not hypothetical sales; these are deposited sales,' he said, adding that properties branded by Ritz-Carlton, Raffles, and Oberoi have sold out, while five of 37 Aman Villas were purchased within three days of release.
The development has drawn interest from international investors, including Italian and Colombian developers, alongside Qatari and Emirati buyers, he said.
Diriyah's development aligns with Saudi Arabia's Vision 2030 and coincides with the kingdom's hosting of major events, including Expo 2030, the 2027 Asian Football Games, and the 2034 FIFA World Cup.
'Spanning 14.2 million square metres—equivalent to Beverly Hills, California—it will feature 40 luxury hotels, 30,000 residences, and an extensive range of retail and dining options. Adjacent to Diriyah, Wadi Safar will host high-end resorts from Aman, Six Senses, and Chetty, along with a 27-hole Greg Norman-designed golf course,' Inzerillo said.
Inzerillo also hinted at a potential future public listing of Diriyah, following other Public Investment Fund-backed projects.
'With strong return on investment (ROI) and increasing interest from both local and international investors, Diriyah is well-positioned for long-term financial sustainability,' he said.
