Saudi’s USD 63-bn giga project Diriyah sees keen interest from Indian investors

New Delhi/Davos: 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 very keen to work with firms here already and those based in India itself. This is a USD 63.2 billion project backed by the Public Investment Fund and it means the 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 said.

He said India is an important part of their global investment outreach strategy and they have hosted CEOs and founders of prominent companies in India, to showcase Diriyah and Saudi Arabia. “There is already a lot of interest from Indian companies – especially the hotel sector with the Taj Hotel group set to open their 250th property here in Diriyah with 202 rooms. “An Oberoi Hotel is being developed close to our new equestrian and polo centre and these two properties are among the more than 40 luxury hotels being built at Diriyah,” he said.

Inzerillo said companies and investors from India can also benefit from a number of new investment packages tailored across various sizes and asset classes, including for 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 have a significant part to play in the continued success of The City of Earth,” he said.

He said Diriyah will also have a major role in helping showcase Saudi Arabia in the most beautiful light for tourists from India and other

countries.