Saudi's $63- billion giga project Diriyah sees keen interest from Indian investors

Inzerillo also praised the contributions of over 200 Indian employees working at Diriyah across various sectors, including engineering, design, and finance.

Several Indian firms have shown a keen interest in investing in Diriyah, a USD 63-billion Saudi Arabian giga project, with big names like Tatas and Oberois already signing up, its CEO Jerry Inzerillo said.

Diriyah, billed as the "City of Earth," is being built on the outskirts of Saudi Arabia’s capital, Riyadh. It will accommodate 100,000 residents and provide office space for an additional 100,000-plus people. The new city will feature 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 center, among other facilities.

The USD 63.2 billion real estate and tourism project aims to restore the historic birthplace of the modern Saudi kingdom. The site also 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 speaking in Davos at the World Economic Forum Annual Meeting 2025.

Inzerillo highlighted that over 3,000 Indian companies are already operating in the Kingdom, contributing to sectors such as construction, IT, energy, and telecommunications—further strengthening the economic partnership between the two nations.

“Diriyah is very keen to work with firms already present in the Kingdom and those based in India. This is a USD 63.2 billion project backed by the Public Investment Fund, meaning investment opportunities in Diriyah are countless and cover multiple asset classes,” he said.

“The scope for the Indian investment community and partners is enormous. Diriyah already has multiple partners on board from around the world, but there remains an amazing array of opportunities for Indian companies and organizations across the full spectrum of urban development to partner with Diriyah,” Inzerillo added.

He emphasized that India is an important part of Diriyah's global investment outreach strategy and that they have hosted CEOs and founders of prominent Indian companies to showcase Diriyah and Saudi Arabia.

“There is already a lot of interest from Indian companies, especially in the hotel sector. The Taj Hotel group is set to open its 250th property in Diriyah, featuring 202 rooms. An Oberoi Hotel is also being developed close to our new equestrian and polo center. These two properties are among the more than 40 luxury hotels being built at Diriyah,” he said.

Inzerillo noted that companies and investors from India can benefit from various investment packages tailored across different sizes and asset classes, including mixed-use, residential, hospitality, office, education, and healthcare assets.

“Given the size and economic impact India has in the Kingdom, we are confident that Indian firms will play a significant role in the continued success of the ‘City of Earth,’” he said.

Diriyah is expected to play a crucial role in showcasing Saudi Arabia to Indian tourists and others.

“Two of our biggest attractions—the UNESCO World Heritage Site of At-Turaif and the neighboring Bujairi Terrace—are heavily featured and have welcomed over three million visits since opening just over two years ago. For Indian tourists and others, their journey into the Kingdom will typically start at Diriyah, and we are confident that Indian visitors will contribute significantly to our anticipated 50 million visits a year from 2030 onwards,” he said.

“As Saudi Arabia’s tourism sector grows, the Indian market will be of increasing importance. The most recent Saudi Ministry of Tourism figures show that there were 1.5 million visitors from India last year, marking a 50% increase,” he added.

Referring to India being Saudi Arabia’s second-largest trading partner and Saudi Arabia being India’s fourth-largest trading partner, Inzerillo said Diriyah will play an important role in expanding trade ties between the two countries.

“Ultimately, the ‘City of Earth’ is expected to contribute USD 18.6 billion to Saudi GDP and create 178,000 jobs. Diriyah is already working with many Indian firms, and there are plans to boost investment opportunities for Indian companies while also welcoming millions of tourists from India,” he said.

Inzerillo also praised the contributions of over 200 Indian employees working at Diriyah across various sectors, including engineering, design, and finance.

On his engagements with Indian companies, he said, “We are hosting groups of Indian business leaders, mostly CEOs, at Diriyah. They are coming to explore the opportunities available in the Kingdom. Groups of 20-50 Indian CEOs have visited to assess potential investment prospects.”