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Major Indian companies, including Tata Group and Oberoi Hotels, are showing strong interest in Diriyah, a USD 63 billion Saudi Arabian mega project near Riyadh. With 100,000 residents, 40 luxury hotels, 1,000 retail outlets, and cultural landmarks, Diriyah aims to become a global business and tourism hub. India, Saudi Arabia's second-largest trading partner, plays a key role in Diriyah's investment strategy, with over 3,000 Indian firms already operating in the Kingdom. The project offers tailored investment opportunities in real estate, hospitality, and urban development, further strengthening bilateral economic ties and tourism between the two nations.
Numerous Indian firms have demonstrated a strong interest in investing in Diriyah, a USD 63 billion Saudi Arabian mega project, with industry giants such as the Tata Group and Oberoi Hotels having already signed agreements. Advertisement
Diriyah, promoted as the 'City of Earth,' is currently under development on the outskirts of Riyadh. It is set to accommodate 100,000 residents and provide office space for an additional 100,000 people. The city will feature over 40 luxury hotels, more than 1,000 retail outlets, over 150 dining establishments, a university, cultural institutions, museums, an opera house, a multi-purpose event arena with a 20,000-seat capacity, a golf course, and an international equestrian and polo centre.
This USD 63.2 billion real estate and tourism initiative aims to restore the historic birthplace of modern Saudi Arabia, incorporating the UNESCO World Heritage Site of At-Turaif. Inzerillo stated that Diriyah is keen to strengthen its collaboration with India, one of Saudi Arabia's leading trade partners, with bilateral trade amounting to approximately USD 52.8 billion in 2022-23.
During his participation at the World Economic Forum Annual Meeting in Davos, CEO Jerry Inzerillo highlighted that over 3,000 Indian companies are already operating in Saudi Arabia, contributing to key sectors such as construction, IT, energy, and telecommunications, reinforcing the economic ties between the two nations.
Diriyah is actively seeking partnerships with Indian companies already present in Saudi Arabia as well as those based in India. As a project backed by the Public Investment Fund, it offers extensive investment opportunities across multiple asset classes. Inzerillo underscored the vast scope for Indian businesses in urban development, noting that while several global partners are already engaged, significant prospects remain open for Indian firms.
India plays a pivotal role in Diriyah's global investment outreach strategy, with Saudi officials having hosted Indian business leaders to showcase the project's potential. Indian investors can expect to benefit from tailored investment packages across various asset classes, including mixed-use developments, residential, hospitality, office spaces, education, and healthcare.
Saudi Arabia aims to attract 50 million visitors annually by 2030; Indian travellers are anticipated to form a substantial portion of this influx. The Saudi Ministry of Tourism reported 1.5 million Indian visitors last year, marking a 50 per cent increase.
With India being Saudi Arabia's second-largest trading partner and Saudi Arabia ranking as India's fourth-largest trading partner, Diriyah is poised to play a key role in expanding bilateral trade ties. The project is expected to contribute USD 18.6 billion to Saudi Arabia's GDP and generate 178,000 jobs. Inzerillo also commended the contribution of over 200 Indian employees currently working in Diriyah across various fields such as engineering, design, and finance.
Speaking about engagements with Indian companies, he mentioned that groups of Indian business leaders, mostly CEOs, are being hosted in Diriyah to explore investment opportunities in the Kingdom. Several delegations, comprising 20-50 Indian CEOs, have already visited to assess potential collaborations.
Diriyah represents a remarkable investment opportunity for Indian firms, with the project offering an extensive range of business possibilities across various industries. Backed by the Public Investment Fund, it is set to become a significant economic and cultural hub, reinforcing trade and tourism ties between India and Saudi Arabia.
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