Indian firms eye Saudi’s $63.2-billion Diriyah project as investment gateway: Report 

Indian companies are making big moves in Saudi Arabia’s ambitious $63.2-billion Diriyah project, known as the “City of Earth”. With major players like the Tatas, Oberoi Hotels, and Taj Hotels already on board, Diriyah’s CEO Jerry Inzerillo revealed that more firms are eyeing this massive development. 

Located near Riyadh, Diriyah will offer 100,000 residential units and office space for another 100,000 professionals. The sprawling project includes 40 luxury hotels, over 1,000 shops, 150 restaurants and cafes, an opera house, museums, a golf course, and a 20,000-seat event arena, among other attractions. At its core is the UNESCO World Heritage Site of At-Turaif, the historic birthplace of the modern Saudi kingdom. 

“We are keen to enhance the impact of India as one of Saudi Arabia's biggest trading partners,” Inzerillo told PTI, noting that bilateral trade reached $52.8 billion in 2022-23. With more than 3,000 Indian companies already operating in sectors like construction, IT, and energy, the Diriyah project aims to expand these ties. 

“Diriyah is very keen to work with firms here already and those based in India itself,” Inzerillo said. “The investment opportunities in Diriyah are countless and cover multiple asset classes.” 

Several Indian businesses have already made significant commitments. Taj Hotels will open its 250th property in Diriyah, while Oberoi Hotel is being developed near the city’s equestrian and polo centre, according to the PTI report. Indian investors can explore packages across mixed-use developments, residential, hospitality, education, and healthcare sectors. 

Tourism is another key focus. At-Turaif and Bujairi Terrace have already attracted over three million visitors since their opening. “For Indian tourists, their journey into the Kingdom will typically start at Diriyah,” Inzerillo told PTI. 

With the Saudi Ministry of Tourism reporting 1.5 million Indian visitors last year — a 50% rise — expectations are high for Indian tourists to contribute significantly to the 50 million annual visits targeted by 2030. 

Ultimately, Diriyah is projected to create 178,000 jobs and contribute $18.6 billion to Saudi Arabia’s GDP, positioning Indian firms at the forefront of its continued growth.