Diriyah project. | photo: X/@DiriyahCo
New Delhi: Several Indian firms have expressed strong interest in investing in Diriyah, a $63 billion Saudi Arabian giga project, with major names like the Tata Group and the Oberoi Group already on board, according to its CEO, Jerry Inzerillo.
Diriyah, also known as the City of Earth, is being developed on the outskirts of Riyadh and will accommodate 100,000 residents while offering office spaces for over 100,000 professionals. The ambitious project will feature more than 40 luxury hotels, over 1,000 retail outlets, 150 restaurants and cafés, a university, arts and cultural centers, museums, an opera house, a 20,000-seat multipurpose arena, a golf course, and an international equestrian and polo center.
The $63.2 billion real estate and tourism initiative aims to revive the historic birthplace of modern Saudi Arabia and includes the UNESCO World Heritage Site of At-Turaif. Inzerillo emphasized India's significance as one of Saudi Arabia’s top trading partners, noting that bilateral trade reached approximately $52.8 billion in 2022-23.
Speaking at the World Economic Forum Annual Meeting 2025 in Davos, Inzerillo highlighted that over 3,000 Indian companies currently operate in Saudi Arabia, contributing to sectors such as construction, IT, energy, and telecommunications. He reiterated that Diriyah presents vast investment opportunities across multiple asset classes, backed by Saudi Arabia’s Public Investment Fund.
Inzerillo stressed the immense potential for Indian investors and companies, adding that while Diriyah already has global partners, there are still numerous opportunities for Indian businesses across various sectors of urban development. He revealed that India is a key part of Diriyah’s global investment outreach strategy, and they have hosted prominent Indian CEOs and business leaders to showcase investment prospects in Diriyah and Saudi Arabia.
The hospitality sector is witnessing strong Indian participation, with the Taj Hotel Group set to open its 250th property in Diriyah, featuring 202 rooms. Additionally, an Oberoi Hotel is being developed near the upcoming equestrian and polo center. These establishments will be among the more than 40 luxury hotels planned for Diriyah.
Indian investors can also benefit from a range of customized investment packages across various sectors, including mixed-use developments, residential, hospitality, office spaces, education, and healthcare. Inzerillo expressed confidence that Indian firms will play a crucial role in the continued success of Diriyah, given their significant economic influence in Saudi Arabia.
Diriyah is also expected to play a pivotal role in promoting Saudi Arabia as a prime tourist destination, particularly for Indian travelers. Two of its top attractions—the UNESCO World Heritage Site of At-Turaif and the nearby Bujairi Terrace—have already welcomed over three million visitors since opening two years ago.
Inzerillo projected that Indian tourists will contribute significantly to the anticipated 50 million annual visits to Diriyah by 2030. Saudi Arabia’s tourism sector is expanding rapidly, with the most recent data from the Saudi Ministry of Tourism indicating that Indian visitors increased by 50% last year, reaching 1.5 million.
Jerry Inzerillo, Group CEO, Diriyah Gate Company Limited.
Highlighting the deepening economic ties, he noted that India is Saudi Arabia’s second-largest trading partner, while Saudi Arabia ranks as India’s fourth-largest trading partner. Diriyah, he said, will further strengthen trade and investment relations between the two nations.
Ultimately, Diriyah is expected to contribute $18.6 billion to Saudi Arabia’s GDP and generate 178,000 jobs. The project is already collaborating with numerous Indian companies and aims to enhance investment opportunities for Indian firms while welcoming millions of Indian tourists.
Inzerillo also praised the contributions of over 200 Indian professionals working at Diriyah across engineering, design, finance, and other sectors. He revealed that Indian business delegations, primarily comprising CEOs, are frequently visiting Diriyah to explore potential investment opportunities, with groups of 20-50 business leaders assessing prospects in the Kingdom.
With PTI inputs