{"id":90005,"date":"2024-09-29T00:00:00","date_gmt":"2024-09-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/29\/diriyah-signs-usd-1-bn-contracts-with-italian-french-firms\/"},"modified":"2024-09-29T00:00:00","modified_gmt":"2024-09-29T00:00:00","slug":"diriyah-signs-usd-1-bn-contracts-with-italian-french-firms","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/29\/diriyah-signs-usd-1-bn-contracts-with-italian-french-firms\/","title":{"rendered":"Diriyah signs USD 1 bn contracts with Italian + French firms"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Diriyah gigaproject has inked agreements worth c. USD 1 bn with an unnamed Italian <\/strong><strong>developer and a French firm<\/strong>, CEO Jerry Inzerillo told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/saudi-giga-project-diriyah-agrees-deals-worth-1-bln-with-european-firms-2024-09-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Diriyah is also in talks with other foreign investors interested in equity stakes in hotels and real estate, with some already uptaking stakes in projects within Diriyah. \u201cThere's a lot of interest from America, a lot of interest from every country,\u201d Inzerillo said, adding that Diriyah is open to collaborating with any foreign investor that can \u201cdeliver quality and stay on time.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we don\u2019t know: <\/strong>The identities of the companies involved, the nature of the agreements signed and what projects they will cover as well as the breakdown of the USD 1 bn investment were not shared. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There has been growing interest from global investors in Diriyah <\/strong>as tangible progress at the site boosts confidence, Inzerillo said. Upcoming events such as Expo 2030 have also reshuffled investment priorities to the benefit of Riyadh-based projects such as Diriyah. Despite the PIF\u2019s recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c9cd5ef0-b152-4d03-b4bc-150d17bc68d0\" style=\"\" rel=\"noopener\">gigaproject reprioritization<\/a>, Inzerillo emphasized that the pace and ambition of the gigaprojects remain intact, describing the changes as a \u201crealignment, not a reduction.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plenty of financing:<\/strong> Located at a UNESCO World Heritage site near Riyadh, the USD 63 bn project received some SAR 20 bn from the Public Investment Fund (PIF) in 2023-2024, with SAR 12 bn in additional financing from the fund expected next year, Reuters explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> Inzerillo unveiled plans by Diriyah Gate back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b09044f2-0432-4cbd-8dc0-a69349865646\/it%25e2%2580%2599s-a-wrap-for-the-pif-private-sector-forum\" style=\"\" rel=\"noopener\">February<\/a> to launch 11 new tourism, entertainment, and leisure projects by year-end. In July, the Diriyah Gate Development Authority (DGDA) awarded a SAR 8 bn development contract for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3947d29c-d880-40f5-b441-19f2a4363563\/%253cmark%253ediriyah-%253c%2Fmark%253eawards-usd-2.1-bn-wadi-safar-contract\" style=\"\" rel=\"noopener\">four luxury hotels<\/a> and another <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/64a3092f-481d-42dd-b513-9974e4c0ee54\/%253c%253cmark%253e%253c%2Fmark%253emark%253cmark%253e%253c%2Fmark%253e%253e%253cmark%253e%253c%2Fmark%253ediriyah%253cmark%253e%253c%2Fmark%253e%253c%2F%253cmark%253e%253c%2Fmark%253emark%253cmark%253e%253c%2Fmark%253e%253e%25e2%2580%2599%253cmark%253e%253c%2Fmark%253es%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eusd%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e2%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ebn%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253econtract%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253efor%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253emixed%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253euse%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253edistrict%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eis%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eits%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253elargest%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eaward%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eto%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253edate%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">SAR 7.8 bn<\/a> contract for the establishment of a mixed-use district in northern Diriyah. Other recent agreements include <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0493c565-0437-4e09-84f6-b118f41ed6b6\/al-akaria-unit-to-carry-out-excavation-works-for-a-metro-line-in%253cmark%253e-diriyah-%253c%2Fmark%253egate.-plus:-aviation,-auto-assembly,-real-estate\" style=\"\" rel=\"noopener\">SAR 722 mn<\/a> for excavation works for a new metro line, SAR 532.1 mn for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4e9c945f-1971-436b-91e0-0326a0e79f60\/chinese-contractor-cmec-to-build-20k-residential-units-in-projects-in-saudi.-plus:-technology,-tourism-and-manufacturing\" style=\"\" rel=\"noopener\">car park excavations<\/a>, as well as a 72.5k tons <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1152d630-d7d6-48bd-9287-95741a1a027a\/%253cmark%253e%253c%2Fmark%253ecma%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ecgm%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eto%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eoperate%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eupgraded%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ejeddah%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253enorth%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ered%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253esea%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eservice%253cmark%253e%253c%2Fmark%253e.%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253eplus%253cmark%253e%253c%2Fmark%253e:%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253edistrict%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ecooling%253cmark%253e%253c%2Fmark%253e,%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253ereal%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eestate%253cmark%253e%253c%2Fmark%253e,%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253etechnology%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">district cooling plant<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>More global investors are growing interested in the project, CEO says<\/p>\n","protected":false},"author":1,"featured_media":90006,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2800],"tags":[233,10,509,1151,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gigaprojects","tag-diriyah","tag-enterpriseam-ksa","tag-gigaprojects","tag-public-investment-fund-pif","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"47df61fe-6456-4cb3-8de9-496590dff9aa","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2127.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Diriyah inks USD 1 bn in contracts with unnamed Italian + French firms","related_issue":[90000],"teaser":"More global investors are growing interested in the project, CEO says","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.f40bbf07-8734-4649-9280-674216f738b0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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