RIYADH: The Diriyah Gate project in Saudi Arabia is targeting returning Saudi expatriates and new families looking for jobs in the Kingdom, according to its CEO.
Diriyah Gate is being built primarily for Saudis who got their education abroad and are returning to the Kingdom, mostly settling in the capital, including professionals, Diriyah Gate Development Authority (DGDA) CEO Jerry Inzerillo told Asharq Bloomberg.
The project is being built on the outskirts of the Saudi capital Riyadh, which Crown Prince Mohammed bin Salman wants to expand from its current population of 5 million to between 15 and 20 million by 2030 and become one of the 10 richest cities in the world.
The first phase of the project is estimated at $20 billion, the DGDA CEO said.
“At the end of this year and the first quarter of 2022, we will complete the construction of some assets in Diriyah,” Inzerillo said. “We will open the new Al-Bujairi District and 19 restaurants in addition to new hotels and gardens. We have also planted 22,000 trees.”
“We invested $1 billion in the infrastructure of these projects,” he said. “We also launched the Wadi Safar development project, where the first hotel and museum will soon open. We will show ready assets in the first quarter of 2022.”
Construction began on Diriyah Gate in in July 2020. The Saudi government want to create a global lifestyle destination for culture and heritage, hospitality, retail and education.
Located 15 minutes’ drive northwest of Riyadh, it will feature a Formula-E racetrack and a 15,000-seat arena.