As Saudi Arabia and China enter an unprecedented phase of collaboration, Diriyah Company anticipates significant growth in investment and tourism, with 2024 set to be a milestone year.
The Group CEO of Diriyah Company, Jerry Inzerillo, has underscored the burgeoning investment opportunities for Chinese firms in Saudi Arabia, emphasizing the historic partnership between the two nations. Speaking at the 24th World Travel and Tourism Council (WTTC) Global Summit in Perth, Australia, Inzerillo highlighted how Saudi Arabia and China have reached an extraordinary level of cooperation, making this a pivotal moment for joint ventures and economic collaboration.
As the kingdom’s development of Diriyah continues under the Vision 2030 initiative, Inzerillo expressed his optimism about the future, particularly with the influx of Chinese investment. He noted that 2024 will be a transformative year for Diriyah Company, with numerous joint ventures already underway. These include partnerships with Chinese land operators, tour operators, and destination management companies, which are expected to drive growth in both tourism and infrastructure development.
One of the most significant milestones, according to Inzerillo, is the recent announcement of new air routes between Saudi Arabia and various cities in China. These routes will further cement the kingdom’s focus on China as a key market, especially as preparations intensify for 2025, when China is set to play a central role in Saudi Arabia’s tourism strategy.
At the heart of Diriyah’s transformation is At-Turaif, a UNESCO World Heritage Site located near Riyadh. The development of this historic area, in line with Vision 2030, will establish Diriyah as a global destination for culture and heritage tourism. Inzerillo shared that by the end of 2023, the company anticipates exceeding 2 million visitors to At-Turaif.
Investment in Diriyah is already thriving, with a $2.1 billion contract awarded to a joint venture between Saudi and Chinese companies. This partnership will oversee the development of key assets in the region, including a luxury hotel and new educational facilities, further bolstering Diriyah’s appeal to international investors and tourists alike.
Inzerillo also highlighted Riyadh’s rapid expansion, with the city expected to grow from 8 million to 15 million residents in the coming years. Diriyah’s investment division is fully operational, actively seeking partners eager to contribute to the city’s development. For Chinese companies, this presents an ideal moment to explore opportunities within the kingdom’s booming economy.
As Saudi Arabia welcomes a growing number of Chinese travelers, Inzerillo emphasized that Diriyah Company is committed to enhancing visitor experiences by offering Mandarin and Cantonese language training to its staff. This effort, he said, is part of a broader strategy to ensure that Chinese visitors feel truly welcome in the kingdom.
Reflecting on the remarkable strides in Saudi-China relations, Inzerillo concluded by saying, “I cannot imagine a more exciting period for both investment and tourism. The flourishing ties between Saudi Arabia and China are opening doors to unprecedented opportunities, and we are ready to embrace this dynamic future together.”
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