RIYADH: Diriyah, the heritage city in Saudi Arabia, has granted a contract of SR7.8 billion ($ 2 bn) for developing a new district with educational institutions, cultural venues, and a luxury hotel. The project is set to begin in the third quarter of the year, and it involves the El Seif Engineering and China State Construction firms.
This project falls under Saudi Arabia’s ambitious plan to reduce the country’s dependence on oil revenue by boosting other sectors including tourism. When finished, the district will accommodate 100,000 people and include cultural, entertainment, and retail, hospitality, educational, and residential spaces.
Jerry Inzerillo, the CEO of Diriyah Co., said this deal is a milestone in Diriyah’s development plan to make Diriyah a tourism hub. The deal also showcases the strong business partnership between Saudi Arabia and China.
Diriyah, located near Riyadh, is home to the UNESCO World Heritage Site of At-Turaif, the historic capital of the first Saudi State. Inzerillo was appointed as UN Tourism ambassador in April, joining the group of Lionel Messi, Giorgio Armani, and Plácido Domingo.
