RIYADH — The Diriyah project, one of Saudi Arabia’s ambitious giga-projects, is witnessing rapid growth in residential real estate, with plans now expanding to cater to mid-level buyers, according to a top executive.
Speaking at the Real Estate Future Forum, Jerry Inzerillo, Group CEO of Diriyah Co., emphasized the area’s thriving property market, highlighting significant demand for both residential and commercial spaces. The company is preparing to unveil new housing options, targeting a broader spectrum of buyers.
“I’m thrilled to say that we’re seeing strong success in our residential real estate sales,” Inzerillo stated. He revealed that Diriyah would introduce several hundred mid-range housing units at the upcoming Cityscape event in November, broadening the accessibility of homeownership in the area.
The expansion extends beyond real estate, as Diriyah continues to enhance its commercial and business appeal. Inzerillo announced the forthcoming launch of Zallal in April, which will introduce 23 new businesses, further solidifying Diriyah as a key economic and cultural hub.
As a centerpiece of Saudi Arabia’s Vision 2030 transformation, Diriyah is not only a real estate venture but also a symbol of national heritage. “Diriyah is the house of Al-Saud, the source of our national identity and pride,” Inzerillo remarked. “What makes us unique is that we are a celebration of culture and heritage.”
Beyond its economic and cultural significance, Diriyah also holds deep spiritual importance. Inzerillo underscored its role in accommodating religious travelers, stating, “One of the greatest things in the world is allowing 2 billion Muslims to feel welcomed as they fulfill their pilgrimage to the two holy cities.”
The project’s commitment to sustainability and local empowerment remains evident. Currently employing 3,200 workers, 14 percent of whom are from the Diriyah community, the company is fostering local talent. Additionally, the completion of nine kilometers of parks contributes to green spaces that enhance the area’s livability.
Safety has also been a top priority in Diriyah’s development. Inzerillo noted that the project has recorded 209 million construction man-hours without a fatality, a testament to stringent safety protocols.
Reflecting on Saudi Arabia’s growing international appeal, Inzerillo expressed optimism about the Kingdom’s global stature. “People from all over the world are coming to see Saudi, and they’re going back happy,” he said.
Looking ahead, he projected that by 2030, Saudi Arabia would be well-positioned to host any major global event with excellence. “With the leadership in place today, the Kingdom is capable of hosting any global event and being the best host for it.”
As Diriyah continues its transformation, the integration of residential, commercial, cultural, and spiritual elements positions it as a cornerstone of Saudi Arabia’s ambitious future.
