Diriyah Gate Development Authority (DGDA) has reached agreements with Italian and French development companies, amid ongoing talks with foreign investors seeking to buy stakes in hotel and real estate development projects within the project. In statements to Reuters, Inzerello confirmed that the authority has made agreements with Italian and French development companies, amid ongoing talks with foreign investors seeking to buy stakes in hotel and real estate development projects within the project.
International partnerships to boost investment in Diriyah
Inzerillo explained that the Authority has succeeded in signing contracts with Italian and French companies to develop major projects in Diriyah, while talks continue with foreign investors who want to invest in hotels and other projects.
These partnerships come as part of a series of international partnerships to boost investment in Diriyah. These partnerships come as part of the support of the Saudi Public Investment Fund, which has allocated 20 billion riyals ($5.33 billion) to the project during 2023 and 2024, with more support expected next year, worth up to 12 billion riyals.
The Authority has succeeded in signing contracts with Italian and French companies to develop major projects in Diriyah, while talks continue with foreign investors who want to invest in hotels and other projects.
Growing interest from foreign investors
Inzerillo noted that there is increasing interest from international investors, especially from the United States and other countries. A number of foreign investors have shown great interest in buying stakes in several real estate projects within the Diriyah project, and stakes have already been sold to a number of these investors, and more such deals are expected in the coming period.
Inzerello noted that there is a growing interest from international investors, especially from the United States and other countries.
Investment trends and the impact of global events
Despite upcoming major global events, such as Expo 2030 in Riyadh, Inzerillo emphasized that investment priorities in Saudi Arabia have shifted somewhat, but the pace of work on major projects has not slowed down. <He explained that the Kingdom continues to implement its megaprojects with the same enthusiasm and scope, with a focus on attracting foreign investment and diversifying sources of income.
Diriyah Project: Ongoing efforts to implement the Kingdom's Vision 2030
Diriyah is one of the most prominent historical projects that Saudi Arabia aims to develop as part of Vision 2030. In June 2020, the Diriyah Gate Development Authority began implementing the first phase of the rehabilitation and development of this ancient historical site, at a cost of 75 billion riyals. The master plan of the project extends over an area of 7 square kilometers, and includes the establishment of a variety of tourist and entertainment destinations, enhancing the status of Diriyah as a global destination for tourism and heritage. <Inzerello emphasized that this project is supported by the Public Investment Fund, in addition to foreign investments that support the realization of Diriyah's vision as a global destination that combines authenticity and modernity. <In conclusion, the Diriyah Gateway Development Authority continues its efforts to attract foreign investment, supported by significant government support and a growing appetite from international investors. As major projects continue to be implemented, the Diriyah project is on track to achieve its goals as part of the Kingdom's ambitious vision to strengthen the Kingdom's position as a global investment destination.
