Saudi Developer to Spend $10 Billion on Diriyah Project in 2024
- Project is set to feature thousands of homes, dozens of hotels
- Tourism is key plank of Saudi push to diversify away from oil
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The developer behind an ambitious plan to transform a historic Saudi town into a sprawling tourism destination is set to splash out $10 billion on the project next year.
The $63 billion project at Diriyah, a UNESCO World Heritage site north-west of Riyadh that was the ancestral home of the ruling family, is set to feature dozens of hotels and thousands of homes. The Diriyah Gate Development Authority spent $7.5 billion last year building out infrastructure at the 14 square-kilometer project, Chief Executive Officer Jerry Inzerillo said in an interview.