Diriyah to open 1st hotel by year-end, IPO talks ‘ongoing’: Official

The company will also expand the three-kilometer (km) gardens area to span nine km. It will open three community centers as well as two sales units by the end of 2023, Inzerillo added.  

“We will continue opening assets until 2030,” said Inzerillo on the sidelines of the 10th Arab-China Business Conference, Riyadh. He added that World Expo 2030 will help visitors from around the world to see the region.  

A sum of SAR 30 billion will be directed to the DGDA, Diriyah Co. and the Diriyah Gate project. As much as 95% of contracts will be awarded to Saudi companies. At a later stage, the company may seek foreign help.

 
The project, which receives the full support of Crown Prince Mohammed bin Salman, is running as scheduled and in line with the estimated budget.

Diriyah Gate project is a major development that started opening assets in 2022, following the kickoff of Bujairi Terrace, Salwa Palace, World Travel and Tourism Council (WTTC) as well as the three-km gardens, said Inzerillo.

“We have close ties with China, as 31 Chinese companies are coordinating with the DGDA, in addition to several global firms and investors, specialized in building, construction and design,” noted Inzerillo.

Further, a number of Chinese companies are working in hospitality and tourism, as relations between the Chinese and Saudi tourism ministries reached an advanced stage, he indicated.

DGDA is gearing for advanced talks over operating the museums and training the competent caliber over the coming three years.

Inzerillo noted that talks are “ongoing” for floating Diriyah Co.’s shares in an initial public offering (IPO) in the near future, adding that the first five major projects have a lucrative return on investment (RoI).

In June 2020, DGDA started the first phase of the historic Diriyah Gate development and construction project in Riyadh, at a cost of SAR 75 billion, data compiled by Argaam showed.

The project covers an area of seven square kilometers, with an array of tourist and recreational attractions in the pipeline.