Diriyah Gate Eyes Global Cultural Heritage Expansion

Diriyah, a major Saudi initiative, is exploring possible contributions to the renovation of historic sites in Syria. While discussions are underway, the project focuses on broadening its reach to global cultural heritage. Anticipating substantial foreign investments, the company plans an IPO after 2030.

Diriyah, a major Saudi gigaproject, is contemplating a role in reconstructing historic sites in Syria as part of its global expansion strategy. Discussions with Syrian officials were held this week about this potential involvement, as revealed by the project's CEO, Jerry Inzerillo, during the Future Investment Initiative summit.

Inzerillo emphasized that although the immediate focus is on ongoing projects, Diriyah Gate's ambitions include becoming a global developer of cultural heritage sites. The project, primarily centred in Riyadh, aims to create up to six new cultural heritage developments within Saudi Arabia.

Financially robust, the company forecasts significant foreign investment and plans for an initial public offering on the Saudi exchange post-2030. Current projects are reportedly on track for completion by the decade's end, promising a substantial boost to the Saudi tourism and real estate sectors.

(With inputs from agencies.)