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Diriyah Company, a unit of Saudi Arabia's PIF, is planning to list on Tadawul to tap into foreign pools of capital for its historical Diriyah giga project, according to Group CEO Jerry Inzerillo.
“We are small compared to some of the bigger projects in Saudi today, but at $64 billion, we are on time and on budget. Now, if you look at our value, our assets will grow to well over $100 billion by 2030 and we will list in the future on the Saudi Stock Exchange,” Inzerillo said, adding that half of the capital to building the giga project will come from foreign investments.
Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.
Established two years ago by Saudi’s sovereign wealth fund to take charge of developing the Diriyah giga project outside Riyadh, the 14-square-kilometre city, once complete, will house 38 hotels, 100 plus restaurants, and be home to a population of 100,000, according to its CEO.
Unlike some giga projects in Saudi that have amended timelines based on challenges stemming from revised budgets and geopolitical headwinds, Inzerillo stressed Diriyah was “on schedule” and has “already welcomed closed to 3 million people” at its UNESCO World Heritage site, while sharing his plans at the Future Investment Initiative summit in Riyadh.
Construction is also well underway, with Diriyah Company awarding a $2.13 billion joint venture contract in July to build four luxury hotels and the Royal Diriyah Equestrian & Polo Club as part of the Wadi Safar masterplan to build four world-class hotels, including the Aman, Six Senses, The Chedi, and Faena.
“The hotels are among the 40 plus across our two masterplans, Diriyah and Wadi Safar as we gear up to deliver world-class luxury experiences to visitors from across the kingdom,” Inzerillo said.
Other hotels in the pipeline include a signature Armani Hotel, which will be managed by the Emaar Hospitality Group, along with the Baccarat Hotel Riyadh, which will anchor the ancestral seat of the Al Saud dynasty.
(Reporting by Bindu Rai, editing by Seban Scaria)
