Diriyah, one of Saudi Arabia’s flagship projects under the Vision 2030 initiative, has signed agreements worth nearly USD 1 billion with European companies and is actively pursuing more foreign investments.

The project, valued at USD 63 billion and backed by the Public Investment Fund (PIF), is part of the kingdom’s efforts to diversify its oil-reliant economy and stimulate growth.

Located near Riyadh at a UNESCO World Heritage site, Diriyah received approximately SAR 20 billion (USD 5.33 billion) in PIF investments during 2023 and 2024, with an additional SAR 12 billion expected next year. 

Jerry Inzerillo

According to a press statement, Jerry Inzerillo, CEO, Diriyah, mounted a roadshow overseas to raise investments from European companies. The statement adds that deals struck during the roadshow include partnerships with an Italian developer and a French company, although the statement did not disclose their names.

The statement adds that there is a growing global interest in the project, and that foreign investors have already purchased equity stakes in Diriyah’s hotels and real estate developments. 

Inzerillo highlighted significant interest from countries like the US and across Europe, adding, “We will work with any country that can deliver quality and stay on time.”

The PIF, Saudi Arabia’s USD 925 billion sovereign wealth fund, is central to Crown Prince Mohammed bin Salman’s Vision 2030 strategy, which aims to reduce the kingdom’s dependence on oil by attracting foreign investment and developing massive infrastructure projects like Diriyah and Neom, a futuristic city in the desert.

While some skepticism has surrounded these ambitious transformation plans, particularly following reports of scaled-back projects such as Neom’s the Line, Inzerillo stressed that Diriyah’s development remains on track. 

He acknowledged a shift in investment priorities due to major upcoming events like the 2030 World Expo but denied any reduction in the scope of the giga-projects, calling it a ‘realignment’ rather than a scaling back.

Diriyah is seen as a cornerstone of Saudi Arabia’s economic future, with foreign capital playing a critical role in bringing the project’s vision to life.