Diriyah CEO Highlights Vast Investment Opportunities for Chinese Firms Based on Relations with Saudi Arabia

The Group CEO of Saudi Arabia’s Diriyah Company, Jerry Inzerillo, expressed his optimism about the growing investment opportunities for Chinese companies, noting that the relationship between Saudi Arabia and China has reached unprecedented levels of cooperation. He remarked that there has never been a better time in the two nations’ history for such a strong partnership.

Speaking to Xinhua at the 24th World Travel and Tourism Council (WTTC) Global Summit, recently held in Perth, Australia, Inzerillo emphasized that 2024 will be a significant year for Diriyah Company. He highlighted several key developments, including numerous joint ventures with Chinese land operators, tour operators, and destination management companies. Additionally, air routes connecting the kingdom with various Chinese cities have been announced, with a major focus on China set for 2025.

Diriyah Company is tasked with transforming Diriyah into a leading global heritage and culture destination as part of Saudi Arabia’s Vision 2030 initiative. Central to this mission is At-Turaif, a UNESCO World Heritage Site located in Diriyah, near Riyadh.

Inzerillo shared that the outlook for Diriyah is highly promising, with the company expecting to surpass 2 million visitors to At-Turaif by the end of the year. He also mentioned a recent $2.1 billion contract awarded to a joint venture between a Saudi and Chinese company to develop key assets in the area, including a hotel and educational facilities.

He noted that the current climate presents an ideal moment for investors interested in Riyadh’s rapid growth, as the city is projected to expand from 8 million to 15 million residents. Inzerillo highlighted that Diriyah’s investment division is fully operational and ready to welcome partners seeking to contribute to the city’s development.

Reflecting on the surge of Chinese travelers to Saudi Arabia, Inzerillo observed that the relationship between the two countries has never been stronger, with increased investments flowing both ways. He also mentioned that the company is preparing for large numbers of Chinese visitors by training staff in Mandarin and Cantonese to ensure they feel welcome.

Inzerillo concluded by stating that he could not imagine a more exciting period for both investment and tourism, given the flourishing ties between Saudi Arabia and China.

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