Diriyah’s $64 Billion Transformation on Track for 2027 Completion, Says CEO
RIYADH, February 17, 2025 (SAUDI ARABIA BREAKING NEWS) – Saudi Arabia’s Diriyah infrastructure is set to be completed by 2027, marking a major milestone in the Kingdom’s ambitious $64 billion transformation project, according to Diriyah Gate Development Authority’s (DGDA) Group CEO, Jerry Inzerillo.
Speaking at the PIF Private Sector Forum in Riyadh, Inzerillo provided an update on Diriyah Square, a key commercial and cultural district currently under construction. The site is operating at full capacity, with 83 tower cranes and a workforce of 40,000 daily workers shaping one of Saudi Arabia’s most iconic projects.
A Cultural and Commercial Landmark
Once complete, Diriyah Square will feature a 1.9-kilometer boulevard, envisioned as Riyadh’s answer to the Champs-Élysées. It will house:
Saudi Arabia’s contemporary art museum
A 20,000-seat arena
An exhibition center
An opera house
The world’s largest Apple Store
Additionally, the development will include 60,000 underground parking spaces and extensive pedestrian zones, enhancing connectivity and visitor experience.
Record-Breaking Investment and Global Interest
Inzerillo reported strong residential sales performance, with deposits totaling between SAR13 billion and SAR14 billion. Properties branded by Ritz-Carlton, Raffles, and Oberoi have already sold out, while five of 37 Aman Villas were purchased within three days of release.
The project has attracted international investors, with developers from Italy and Colombia, as well as Qatari and Emirati buyers, showing keen interest in Diriyah’s luxury real estate offerings.
A Global Destination in Line with Vision 2030
Diriyah’s transformation aligns with Saudi Vision 2030, coinciding with the Kingdom’s hosting of major international events, including:
Expo 2030
The 2027 Asian Football Games
The 2034 FIFA World Cup
Spanning 14.2 million square meters—equivalent to Beverly Hills, California—the development will feature:
40 luxury hotels
30,000 residences
World-class retail and dining options
Adjacent to Diriyah, Wadi Safar will also become a hub for high-end hospitality, with resorts by Aman, Six Senses, and Chetty, alongside a 27-hole Greg Norman-designed golf course.
Potential Public Listing on the Horizon
Looking ahead, Inzerillo hinted at a possible public listing of Diriyah, following the successful IPOs of other Public Investment Fund (PIF)-backed projects.
"With strong return on investment (ROI) and increasing interest from both local and international investors, Diriyah is well-positioned for long-term financial sustainability," he said.
With its rich history, luxury offerings, and strategic alignment with Saudi Arabia’s economic vision, Diriyah is poised to become a premier global cultural and commercial hub, attracting millions of visitors and investors in the years to come.