 "Visitors watch ancient palaces of the 18th Century Diriyah fortified complex, that once served as the seat of power for the ruling Al Saud, in Riyadh, Saudi Arabia. AP")
Saudi’s $63 billion Diriyah Project is fast becoming the centre of attention.
The ambitious project, known as ‘City of Earth,’ already has on board big names such as the Tatas, the Oberois and the Taj Hotels, according to CEO Jerry Inzerillo.
Inzerillo made the remarks while during the World Economic Forum Annual Meeting 2025 in Davos.
But what do we know about this massive project?
Let’s take a closer look:
The project is coming up on the outskirts of Riyadh. Around 100,000 people will be able to live in Diriyah. Another 100,000 people will be able to have offices there.
The project will have 40 luxury hotels, over 1,000 shops, 150 restaurants and cafes, a university, arts and cultural assets, museums, an opera house, a 20,000-seater multipurpose event arena, a golf course and an international equestrian and polo centre.
As per Business Today, the UNESCO World Heritage Site of At-Turaif, the birthplace of the modern Kingdom of Saudi Arabia, will be at the heart of the project.
According to Business Today, 1.5 million Indians went to Saudi Arabia last year. That was a 50 per cent increase over 2023. The Kingdom of Saudi Arabia is targeting 50 million annual visits from Indians by 2030.
“There is already a lot of interest from Indian companies – especially the hotel sector with the Taj Hotel group set to open their 250th property here in Diriyah with 202 rooms,” Inzerillo said.
The sun sets over an old Saudi archaeological palace in Al-Diriyah city on the northwestern outskirts of the Saudi capital Riyadh. AP “An Oberoi Hotel is being developed close to our new equestrian and polo centre and these two properties are among the more than 40 luxury hotels being built at Diriyah," he added.
Inzerillo said over 3,000 Indian companies are already operating in Saudi Arabia in sectors such as construction, IT, energy, and telecommunications. He added that this strengthens the economic partnership between the two nations.
“At Diriyah, we are keen to enhance the impact of India as one of Saudi Arabia’s biggest trading partners, ranking among the top in bilateral trade, with a trade volume of approximately $52.8 billion in 2022-23,” Inzerillo told PTI.
Diriyah is very keen to work with firms already present in the Kingdom and those based in India. This is a $63.2 billion project backed by the Public Investment Fund, meaning investment opportunities in Diriyah are countless and cover multiple asset classes,” he said.
“The scope for the Indian investment community and partners is enormous. Diriyah already has multiple partners on board from around the world, but there remains an amazing array of opportunities for Indian companies and organizations across the full spectrum of urban development to partner with Diriyah,” Inzerillo added.
Inzerillo said Diriyah will create 178,000 jobs and add $18.6 billion to Saudi Arabia’s GDP. He said Indian firms will be at the forefront of the Kingdom’s continued growth.
“We are hosting groups of Indian business leaders, mostly CEOs, at Diriyah. They are coming to explore the opportunities available in the Kingdom. Groups of 20-50 Indian CEOs have visited to assess potential investment prospects,” Inzerillo concluded.
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With inputs from agencies_