Diriyah Gate project likely to start generating income in 5 years, says CEO

Diriyah Gate Development Authority CEO Jerry Inzerillo expected the project to start generating income in 5 years, according to Al-Eqtisadiah newspaper.

Inzerillo said that investments in the company’s projects are primarily open to Saudi investors, in addition to their foreign counterparts.

He further explained that there are 3 financing options, including the company’s own budget, local investments, and foreign investments.

Inzerillo also said that many foreign investors have expressed their interest in the project, stressing that Saudi investors come as top priority.

The project includes exhibition areas, restaurants and art academies that will launch educational initiatives in local specializations, including Arabic calligraphy, Islamic art, Najdi architectural style, Najdi cuisine arts, theater, and Arabic music.

Inzerillo said that the first phase of the project will kick off in January 2020, and aims at developing the 18th century city of Diriyah into a cultural and lifestyle destination. The project will be linked to a number of new museums.

He added that it is expected to create 55,000 jobs, highlighting that 15% of the current workforce are Diriyah residents.

Saudi Arabia’s King Salman laid on Wednesday the foundation stone of the SAR 64 billion project.