Indian Investors Eye Multi-Billion Dollar Diriyah Giga Project in Saudi Arabia
Saudi Arabia’s ambitious $63 billion Diriyah project, located on the outskirts of Riyadh, is attracting significant interest from Indian investors, including major players such as the Tatas and the Oberoi Group. The massive project, also known as the “City of Earth,” promises to reshape the landscape of the kingdom’s real estate and tourism industries, and its scope presents countless opportunities for Indian companies across a variety of sectors.
Diriyah, backed by Saudi Arabia’s Public Investment Fund, aims to develop a modern city that will house 100,000 residents, with another 100,000 people expected to work in the area. The city will feature more than 40 luxury hotels, over 1,000 shops, more than 150 restaurants and cafes, and a university. Additionally, the development will house cultural assets such as museums, an opera house, and a 20,000-seat multipurpose event arena. As an integral part of Saudi Arabia’s vision for future growth, Diriyah is also set to include a world-class golf course and an international equestrian and polo centre. Indian companies have long been a key component of Saudi Arabia’s economic landscape, with over 3,000 Indian firms operating in the Kingdom, spanning sectors such as construction, IT, telecommunications, and energy. The Diriyah project aims to build on these strong bilateral ties, with a focus on expanding trade and investment opportunities. Saudi Arabia’s total trade volume with India reached $52.8 billion in 2022-23, and the Kingdom is eager to deepen this relationship by inviting Indian businesses to invest in Diriyah.
Jerry Inzerillo, CEO of Diriyah, highlighted the diverse investment prospects available in the project. He emphasised that the development spans multiple asset classes, including mixed-use spaces, residential areas, hospitality, office spaces, and education and healthcare facilities. “The scope for Indian investment is enormous,” he remarked, noting the significant role India plays in Saudi Arabia’s economic strategy. Inzerillo also shared that several luxury hotels, such as the Taj Group’s 250th property with 202 rooms and an Oberoi Hotel near the equestrian centre, are already in development at Diriyah. In addition to the business and investment opportunities, Diriyah is poised to become a major hub for tourism. Inzerillo revealed that the city’s proximity to the UNESCO World Heritage site of At-Turaif, a historic area at the heart of Diriyah, has already attracted over three million visitors. The project aims to cater to Saudi Arabia’s growing tourism sector, with expectations of 50 million visits annually by 2030, an increase that will see many Indian tourists visiting Diriyah.
For Indian investors, the Diriyah project represents not just an opportunity for financial gain but a chance to be part of an iconic development that will help shape the future of Saudi Arabia’s economy. Inzerillo’s comments suggest that the ongoing relationships with Indian companies and the tailored investment packages designed for Indian investors will play a pivotal role in the success of Diriyah. Indian businesses, including those in the hospitality and real estate sectors, are already engaging with Diriyah’s leadership to explore the wealth of opportunities available. As the project progresses, the involvement of Indian investors will be essential to realising its full potential. The Diriyah giga project is set to contribute significantly to Saudi Arabia’s economy, with expected GDP growth of $18.6 billion and the creation of 178,000 jobs. As one of the largest and most transformative urban developments in the region, Diriyah is positioned to become a global beacon for innovation, culture, and tourism, while strengthening ties between India and Saudi Arabia.
