Saudi's $63-bn Diriyah sees interest from Indian investors

New Delhi /Davos, PTI: Several Indian firms have shown a keen interest in investing in Diriyah, a USD 63-billion Saudi Arabian giga project, while some big names like Tatas and Oberois having already signed up, its CEO Jerry Inzerillo said. Diriyah, being billed as the City of Earth, is being built on the outskirts of Saudi Arabia's capital Riyadh and it will have homes for 100,000 people and office space for a further 100,000 plus.

This new city will include over 40 luxury hotels, more than 1,000 shops, over 150 restaurants and cafes, a university, arts and cultural assets, museums, an opera house, a 20,000-seater multipurpose event arena, a golf course and an international equestrian and polo centre, among other facilities. The USD 63.2 billion real estate development and tourism project aims to restore the historic birthplace of the modern Saudi kingdom and the site includes the UNESCO World Heritage Site of At- Turaif. "At Diriyah we are keen to enhance the impact of India as one of Saudi Arabia's biggest trading partners, ranking among the top in bilateral trade, with a trade volume of approximately USD 52.8 billion in 2022-23," Inzerillo told PTI.

He was in Davos for the World Economic Forum Annual Meeting 2025. Inzerillo said over 3,000 Indian companies are already operating in the Kingdom, contributing to sectors such as construction, IT, energy, and telecommunications, strengthening the economic partnership between the two nations. "Diriyah is keen to work with firms here and those based in India. This is a USD 63.2 billion project backed by Public Investment Fund means investment opportunities are huge," he said.