NEW DELHI/DAVOS, Feb 9: A number of Indian companies have expressed strong interest in investing in Diriyah, a USD 63-billion mega project in Saudi Arabia. Notable firms such as Tatas and Oberois have already committed, according to CEO Jerry Inzerillo.
Diriyah, referred to as the City of Earth, is being developed on the outskirts of Riyadh, the capital of Saudi Arabia, and aims to provide housing for 100,000 residents along with additional office space for another 100,000.
This ambitious city will feature over 40 luxury hotels, more than 1,000 retail shops, upwards of 150 restaurants and cafes, a university, cultural institutions, museums, an opera house, a 20,000-seat multipurpose event arena, a golf course, and an international equestrian and polo center, among various other amenities.
The USD 63.2 billion real estate and tourism initiative seeks to revive the historic birthplace of modern Saudi Arabia, which includes the UNESCO World Heritage Site of At-Turaif.
“At Diriyah, we are eager to enhance India’s role as one of Saudi Arabia’s primary trading partners, ranking among the leaders in bilateral trade, with a volume amounting to approximately USD 52.8 billion in 2022-23,” Inzerillo told PTI.
He was attending the World Economic Forum Annual Meeting 2025 in Davos.
Inzerillo noted that over 3,000 Indian companies are currently functioning in the Kingdom, contributing significantly to sectors like construction, IT, energy, and telecommunications, thereby reinforcing the economic ties between the two countries.
“Diriyah is highly enthusiastic about collaborating with both firms already operating here and those based in India. This USD 63.2 billion project, supported by the Public Investment Fund, offers countless investment opportunities across a range of asset classes,” he stated.
“The potential for the Indian investment sector and partners is immense. While Diriyah has numerous global partners, there are still remarkable opportunities available for Indian businesses and organizations across all facets of urban development,” Inzerillo expressed.
He highlighted that India plays a crucial role in their global investment strategy, and they have previously hosted CEOs and founders of well-established Indian companies to present the prospects of Diriyah and Saudi Arabia.
“There is significant interest from Indian companies, particularly in the hospitality sector, with the Taj Hotel group preparing to launch their 250th property in Diriyah, featuring 202 rooms.
“An Oberoi Hotel is also under development near our new equestrian and polo center. These two establishments are part of the more than 40 luxury hotels under construction in Diriyah,” he added.
Inzerillo indicated that Indian investors can take advantage of various new investment packages tailored to different sizes and asset classes, including mixed-use, residential, hospitality, office, education, and healthcare projects.
“Considering the scale and economic significance of India in the Kingdom, we are confident that Indian companies will play a vital role in the ongoing success of The City of Earth,” he asserted.
He mentioned that Diriyah would also significantly contribute to showcasing Saudi Arabia in a favorable light for tourists from India and other nations.
“Our top attractions, the UNESCO World Heritage Site of At-Turaif and the adjacent Bujairi Terrace, have been prominently featured and have received over three million visitors since their opening just more than two years ago.
“For Indian tourists and others, their journey into the Kingdom will generally begin at Diriyah, and we are optimistic that Indian visitors will comprise a substantial portion of our projected 50 million annual visits starting from 2030,” he expressed.
“As the tourism sector in the Kingdom expands, the Indian market will become increasingly significant. The latest figures from the Saudi Ministry of Tourism indicate that there were 1.5 million visitors from India last year, representing a 50% increase,” he added.
He pointed out that India is Saudi Arabia’s second-largest trading partner, and Saudi Arabia ranks as India’s fourth-largest trading partner, with Diriyah playing a crucial role in further enhancing the trade relationship between the two nations.
“Ultimately, The City of Earth is expected to contribute USD 18.6 billion to Saudi GDP and generate 178,000 jobs,” he noted.
“Diriyah is actively collaborating with numerous Indian companies, with plans to expand investment opportunities and welcome millions of tourists from India,” he concluded.
Inzerillo also praised the over 200 employees from India working at Diriyah, contributing across various fields including engineering, design, and finance.
Regarding his interactions with Indian businesses, Inzerillo remarked, “We are hosting groups of Indian business leaders, mainly CEOs, at Diriyah. They are coming to explore the opportunities available in the Kingdom. There have been delegations of 20-50 Indian CEOs visiting to investigate potential prospects.” (PTI)
