Riyadh will witness a surge in the entertainment, leisure and tourism sectors, with Diriyah Co. aiming to break ground on 11 new assets by the end of 2024. In the first step toward this endeavor, the company signed two agreements on the sidelines of the Public Investment Fund’s Private Sector Forum.
Jerry Inzerillo, Group CEO of the Diriyah Gate Development Authority said that the private sector has already invested $6 billion in the Diriyah project, with over 200 companies involved in investments within the hotel, retail, and residential real estate sectors.
Read more: $50 billion Saudi Diriyah project will be PIF’s 5th giga project
According to the Saudi Press Agency (SPA), Diriyah Development Company (DevCo) entered into two significant agreements with Saudi Constructioneers Ltd. (Saudico) and Al-Ayuni Company. Also, Saudico was awarded the primary contractor role for The Ritz-Carlton Residences, which represents the Kingdom’s inaugural residential project carrying the prestigious Ritz-Carlton brand. The project is worth SAR700 million ($186.65 million), according to Inzerillo.
Additionally, Al-Ayuni was appointed as the contractor for a SAR2 billion infrastructure development project in Diriyah, marking one of the largest contracts ever awarded by Diriyah. Moreover, the signing of these partnership agreements involved Inzerillo, CEO of DevCo, Bashir Al Azem, CEO of Saudico, and Waleed Albathi, CEO of Al-Ayuni.
11 upcoming initiatives
In addition, Inzerillo said that among the 11 upcoming initiatives in 2024 is the King Salman Boulevard, which he deemed Saudi Arabia’s version of Paris’ Champs-Elysees. It will be revealed this December.
Major investment plans
Furthermore, this year, the company intends to allocate more than $3 billion in contracts, predominantly focusing on the infrastructure and design engineering fields, as mentioned during the CEO’s participation in a panel discussion at the forum.
For more news on hospitality & tourism, click here.