Diriyah Gate Authority keen on luring foreign investments, says CEO

Jerry Inzerillo, CEO of Diriyah Gate Development Authority

Diriyah Gate Development Authority (DGDA) is keen on attracting foreign investments, but this step was postponed for a short period due to the COVID-19 pandemic, Asharq News reported, citing chief executive officer (CEO) Jerry Inzerillo.

The project received interest from businessmen in the Kingdom, along with companies from Saudi Arabia and other Gulf Cooperation Council (GCC) countries, Inzerillo said.

Diriyah Gate also registered active participation by GCC countries, along with Saudi businessmen who will own several hotels and commercial assets such as restaurants and retail stores.

The authority will finance and build cultural infrastructure and facilities such as museums, universities, and many accommodation units.

DGDA is currently focusing on hotels, restaurants, markets, and museums, the CEO said, adding that the authority plans to build 6,000 accommodation units.

Inzerillo also said the construction of some parts of the Diriyah Gate project will be complete by the end of 2021 and in the first quarter of 2022. Meanwhile, the accommodation units will be opened in late 2022 or early 2023.

He emphasized that the major projects in the Kingdom, such as Red Sea and AlUla, do not compete with each other, but rather complement each other due to the large size and diversity of the Kingdom.

In June 2020, DGDA commenced work on the first phase of the SAR 75 billion ($20 billion) Diriyah Gate mega project, spread across 7 square kilometers (sqkm).

The project includes more than 20 hotels, a diverse collection of museums, a retail center, as well as over 100 restaurants, according to data compiled by Argaam.