RIYADH: Saudi Arabia’s Public Investment Fund’s Diriyah Co. is on track to launch a $1 billion hotel project with an Italian developer, the firm’s CEO revealed.
In an interview with Asharq Bloomberg, Jerry Inzerillo explained that this move is part of Diriyah’s strategy to develop into a global destination, and it will also bolster the presence of international brands in the Saudi hospitality sector.
The move falls in line with the Kingdom’s goal to attract 150 million annual visitors by 2030. It also aligns well with the CEO’s predictions in 2024 that Diriyah is projected to attract 50 million visits annually by 2030.
During the interview, Inzerillo said: “The company has already signed a major deal with the Four Seasons Group, in addition to a Trump-branded hotel project, as part of expanding its portfolio of luxury hotels in the Kingdom.”
He added: “These investments are driven by the growing tourism momentum in Diriyah. The UNESCO World Heritage Site attracted nearly 4 million visitors in December alone, reflecting a growing global interest in the historic destination. People are coming from all over the world to see Diriyah.”
