Diriyah Gate CEO says development pipeline remains on track

The development pipeline remains on track despite the risk of economic fluctuations, Diriyah Gate Development Authority (DGDA) CEO Jerry Inzerillo said in an interview published in Invest Saudi’s “Investment Highlight Summer 2020” report. 

“DGDA is taking a proactive approach to mitigate the risk of economic fluctuations and ensure that adequate response measures are in place when facing adverse situations such as COVID-19,” the CEO said.

DGDA is deeply invested in proper planning of the project, including prudent phasing that allows organic growth aligned with market capacity and absorption potential. 

Future proofing the different asset classes making up the project provides DGDA with flexibility and allows it to adjust to changing trends and consumer behavior, he added.

- First phase under construction

Meanwhile, the development work has commenced on the first phase of DGDA’s $20 billion development pipeline, marking the transformation for Diriyah. 

The historic city will be transformed into one of the world’s foremost lifestyle destinations for culture and heritage, hospitality, retail and education. 

Furthermore, Inzerillo said the Saudi government has enacted a smart, staged strategy for opening up to tourists and becoming a cultural icon, as it invests heavily in these two sectors. 

“This allocation of capital towards infrastructure and the giga-projects will allow Saudi Arabia to benefit from recoveries in the aviation, hospitality, retail and other fields, starting with its own huge domestic potential and continuing with international interest that is coupled with a diverse landscape of attractions and activities suiting all ages, backgrounds, interests and budgets.”

- Investment opportunities

Diriyah Gate offers a dynamic environment for investment attraction, in line with the directives of Vision 2030. Accordingly, the DGDA has developed a flexible approach towards investment partnerships that suit the different needs of different investors.

Inzerillo said that authority is looking to partner with third parties that add value and share its long-term vision and aspirations.
 

The growing investor database consists of first-rate businesspeople with vast experience in multiple industries, with a strong focus on tourism and commercial players.
 

DGDA is keen to attract more symbiotic investors and businesses that can support in the realization of this ambitious undertaking, he stated.