meed-logo

line1 line2 line3
SIGN IN / REGISTER

Diriyah CEO sets the record straight

17 February 2025

 

Register for MEED’s 14-day trial access | Beat the queue for the Saudi Gigaprojects 2025 summit (12-14 May)

There can be few busier people in Saudi construction right now than Jerry Inzerillo, group CEO of Diriyah Company, the developer behind the $63.2bn Diriyah gigaproject.

A charismatic New Yorker with the distinctive accent to match, he has been the most visible persona behind what is arguably one of the most impressive and advanced projects of the kingdom’s $1tn capital expenditure drive. 

Centred around the At-Turaif Unesco World Heritage Site on the western outskirts of Riyadh, Diriyah has opened its first assets to the public, most notably the retail-focused Bujairi Terrace and its first hotel, the Luxury Collection Bab Samhan Hotel.

These are already proving popular; even on a weekday lunchtime, the former was packed with Saudis enjoying a meal or simply walking between the rows of upscale boutiques enveloped in Diriyah’s characteristic Najdi architectural style. 

At night, Bujairi Terrace is so busy that advanced tickets are required just to enter the precinct to avoid overcrowding.


Opened in December 2022, Diriyah's Bujairi Terrace offers an array of restaurants and cafes

Asset manager role

Managing this is a new challenge for Diriyah Company as it transitions from a developer primarily focused on infrastructure delivery to one that is now also operating as an asset manager for its completed elements. 

“Think about it: right now in the day, we have 40,000 construction workers on site, but last night, we had 13,000 people visiting At-Turaif,” Inzerillo said in early January.

“We’re trading; we’re open; we’re earning revenues from Bab Samhan, the first of 40 hotels to open. It’s already trading very, very well – it’s going to be a very popular hotel.

“I’ve been here 6.5 years now and I’m more optimistic than I’ve ever been.”

Visitors are not just there to shop and eat. Diriyah’s protocol department now has more than 20 staff to handle between nine and 15 protocol moments a day.

“Heads of state, cabinet members and prominent CEOs come every day to see His Royal Highness [Crown Prince Mohammed Bin Salman]. They view the masterplans, see it being built and then have a meal before going to the Unesco site,” says Inzerillo.

I’m seeing robust interest and activity now, not just kicking the tyres as we say in New York. I’m seeing people really coming up to us now. We have dozens of deals right now. We’re very far down the road in terms of equity
Jerry Inzerillo, group CEO of Diriyah Company 

Concrete proof of delivery

The Diriyah CEO spoke with MEED at the opening of two new $200m substations built by Saudi Electricity Company to serve the gigaproject specifically. His presence at the event was a reminder of how keen Diriyah Company is to tell the world – and potential investors – about the development’s progress.

It is no secret that the gigaprojects programme has failed to attract the amount of local or foreign sector investment that it may have initially expected. Opinions vary, but it is fair to say a lack of clarity on project scopes, timeframes and visions, combined with the Covid pandemic and missteps in the initial communication strategy on what the gigaprojects stood for, have all been stumbling blocks in drawing in private investment.

However, this is changing as the gigaprojects themselves start to be delivered and more concrete proof of their demand potential is made clear.

Not that Inzerillo has any doubts about their ultimate investment potential and successful delivery. When asked about these issues, his response was clear: “Look I think there are two factors [behind these issues] and I don’t see them as unhealthy. In fact, it’s the opposite – I see them as healthy,” he asserts.

“Our [Saudi Arabia’s] intention was to take tourism from 3% of GDP to 10% by 2030, while our target was to attract 100 million visits by the same date. We achieved this by December 2023. We’ve already broken 5% of GDP and we feel very confident that we’ll make the 10% objective.

“We’re now putting the infrastructure in the new 58 million square-metre King Salman International airport and other transport infrastructure around the country. All the gigaprojects are opening hotels; for example, look at the great work being done along the Red Sea coast; the great work being done now on Qiddiya.

“So, I think what happened was a lot of people said, ‘Ok, we believe in Saudi Arabia. We certainly believe in its vision. But you know what? We’re going to wait a year or two till we see evidence that the projects are progressing as projected. We intend to be in the kingdom a long time, so let’s wait a year or two before committing.’”

JOIN THE LEADERS BUILDING VISION 2030 AT THE 3RD EDITION OF MEED's SAUDI GIGAPROJECTS SUMMIT
12-14 May – Riyadh, Saudi Arabia
CLICK HERE TO REGISTER YOUR INTEREST

Optimistic outlook

Inzerillo highlights Covid’s impact on the investment environment, adding that it delayed investment plans by two years, but appetite has now caught up.

“I’m seeing robust interest and activity now, not just kicking the tyres as we say in New York,” he states. “I’m seeing people really coming up to us now. We have dozens of deals right now. We’re very far down the road in terms of equity.

“I’m feeling very, very optimistic. I mean, you would think the CEO would naturally be optimistic, but I’m seeing a lot of evidence now.”

This bullishness is underpinned by three huge contracts awarded last year, totalling more than $5.6bn to build the North Cultural and Qurain Avenue districts, forming core components of the Diriyah Gate (DG) 1 phase of the gigaproject, as well as hotel and leisure assets on its residential and hospitality-focused Wadi Safar district.

The pace of activity is continuing into 2025 with a number of major contracts under tender or bid evaluation on the DG2 second phase, including three interchanges on King Khalid Road, the King Salman Grand Mosque, Royal Diriyah Opera House, infrastructure development works, the Northern Community and Diriyah Arena assets. 

Just as significant was the award in early January of a $114m contract covering architectural construction and design services for DG2’s Boulevard District. One of the centrepieces of this second phase, the boulevard will be almost two kilometres long and will be lined on both sides by luxury boutiques and restaurants. Construction work on the boulevard should start in 2026.


One of the largest palaces in Diriyah, Salwa Palace extends over an area of 10,000 square metres

On time, on budget

Maintaining this pace of procurement is important given some of the – often negative – headlines following the ‘pause’ in gigaproject spending in the first half of 2024 as the government and the gigaproject companies’ owner, the Public Investment Fund (PIF), assessed their priorities and expenditure allocations in the face of soaring costs and timelines that threatened to be missed.

While much of this attention has been on Neom, particularly its The Line component, other gigaprojects such as The Red Sea, Roshn and Qiddiya threaten to be put into the same basket, an argument Inzerillo is keen to set straight.

“Now, one has to deal with real economic facts, and that is that post-Covid, you had major supply chain issues, which caused this hyperinflation. We’ve taken that into consideration and made adjustments. We’re on time, we’re on budget,” he stresses. 

“We’ve been very fortunate because of our track record. We have a rockstar team. None of our funding has been even touched in the slightest by the PIF.”

Diriyah has had success in mitigating soaring materials and contracting costs primarily by bundling different works packages into the three ‘mega’ contracts awarded in 2024 as a means of consolidating work to just a handful of contractors. 

At the same time, it secured long-term supply agreements from local manufacturers for key materials such as windows, doors and concrete. Scope revisions, such as the incorporation of the originally planned DG3 residential district into the DG1 element, have also contributed to putting a lid on cost pressures. 

“We always said we had five gigaprojects,” explains Inzerillo. “We had the DG1 historical district. We had DG2, which is 500 tech companies, 100 media companies and 50 entertainment companies. And then there was talk about DG3. When we revisited DG3, it really was just an extension of DG1. So now what we’ve done is [merged] what was called DG3 into DG1. In other words, we merged two phases into one family, but the investment remains the same.”

Reprioritisation of resources

As for last year’s re-evaluation of the gigaprojects’ priorities and delays to the programme overall, Inzerillo attributes these to unforeseen events.

“Now, here’s the other point about the reprioritisation,” he says, referring to last year’s slowdown in gigaproject activity. “Three years ago, no one had any definitive evidence that Saudi Arabia would win the 2027 Asian football games. Three years ago, no one knew that we would be able to win the Winter Asian Games. Three years ago, no one knew we would win the 2030 World Expo in Riyadh. And three years ago, no one predicted the Kingdom of Saudi Arabia would win the 2034 World Cup.

“So, what would need to happen to do those four global events? The answer is, of course, it requires a reprioritisation of resources because now there’s a giant emphasis on delivering these events, especially in Riyadh …. It’s a natural recalibration to host these global events to diversify the economy and certainly hyper stimulate tourism.”


The PIF is expected to provide another SR12bn this year for further development at the gigaproject

Investor interest

Inzerillo, who started his varied, five-decade career in the kitchens of a Brooklyn catering company and then onto senior hotel management positions in the US and South Africa before heading up both IMG Artists and the Forbes Travel Guide, is equally forthright about Diriyah’s investment potential and the success it has had to date, even if much of it has yet to be formally announced. 

“We have a very big interest from investors now,” he says. “I’m seeing my investment division getting really busy, which is very encouraging. I think that when we get to this time next year, we’re going to see a big repetition of what I call replacement equity.

“On some of the commercial assets right now, we’re getting great interest from foreign equity. We’ve had several cases now where foreign partners, such as Saudi, GCC and international partners, have seen the project out of the ground. They can really see it right in front of them. 

“We have a major development with a retail developer from Italy and one from Colombia on buying hotels and going into residential sales with us as joint-venture partners. Funding has been front-loaded from the PIF, which is why it’s important to be a gigaproject within the PIF family. What’s also important is that it allows us to keep up the pace and, more importantly, maintain our quality.” 

To date, the PIF has funded all of the infrastructure works on the gigaproject and is expected to provide another SR12bn this year for further development. 

But at some point, Diriyah Company and the other PIF project subsidiaries are expected to obtain financing, particularly once they start earning revenues. Neom and Red Sea Global have already successfully raised funds through a combination of bond issuances and corporate loan agreements, and Diriyah itself is likely to go down the same route.

Likewise, it is expected to eventually go public when the time is right.

“When will that happen,” says Inzerillo. “That will obviously depend on PIF’s input, which is very important, but we’ve already started the process of getting ready for an initial public offering at some point. I’d be very happy to see that happen before 2030 as I think it would be a great accomplishment. And I’m optimistic to that effect.”

With its first assets up and running and a record value of contracts awarded in 2024, Diriyah is developing at a rapid pace and its CEO is clearly confident it will have most of its core components ready by the launch of the World Expo 2030. 

Much still needs to be done, however. Line 2 of the Riyadh metro will be extended into the development, where it will interchange with the planned Line 7, linking the new King Salman International airport with Qiddiya via Diriyah. The Q Express, a planned express train linking the airport with the entertainment gigaproject, will also stop at Diriyah. All three projects will be handled by other clients and, therefore, somewhat out of Diriyah Company’s direct control. 

Likewise, it remains unclear what the full impact of Expo 2030 and the 2034 World Cup will be on the project ecosystem in the capital. Combined with the giant New Murabba development and ongoing works on the King Salman Park and Sports Boulevard megaprojects, the market is not likely to settle any time soon. 

And despite all the positive talk, there are still very few concrete announced investments in the gigaprojects. Yet, with its first areas already opened and other key elements well under way, Diriyah is arguably better placed than most to capitalise on this unprecedented investment opportunity.

https://image.digitalinsightresearch.in/uploads/NewsArticle/13396510/main.gif
Edward James

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Engineering progresses on Ras Laffan LNG terminal berths

    16 September 2026

     

    Register for MEED’s 14-day trial access 

    Front-end engineering and design (feed) works are progressing on a QatarEnergy LNG project to build 13 liquefied natural gas (LNG) loading berths at the south export terminal in Qatar’s Ras Laffan Industrial City.

    Ras Laffan Industrial City, which lies about 90 kilometres north of Doha, is the world's largest integrated LNG production and export complex, comprising 15 processing trains with a total capacity of 77.5 million tonnes a year (t/y). QatarEnergy began LNG operations at the facility, which houses all its processing trains and export infrastructure, in 1984.

    According to sources, QatarEnergy LNG, a subsidiary of state enterprise QatarEnergy, awarded the feed contract for the project to build 13 LNG berths at the south export terminal at Ras Laffan to Australia-headquartered Worley.

    The contract was awarded to Worley in the second quarter of this year. Its duration is estimated to be 200,000-250,000 man hours, sources told MEED.

    Ras Laffan’s LNG processing and export capabilities will increase by up to about 63% when the three phases of QatarEnergy’s estimated $40bn North Field LNG expansion project come into operation by the end of this decade. Engineering, procurement and construction (EPC) works on all three projects are progressing.

    QatarEnergy is understood to have committed nearly $30bn to the first two phases – North Field East (NFE) and North Field South (NFS) – which will lift Qatar’s LNG production capacity from 77.5 million t/y to 126 million t/y by 2028.

    QatarEnergy awarded the main EPC contracts for NFE in 2021. The project was intended to raise LNG output to 110 million t/y by 2025. The $13bn EPC package – covering the engineering, procurement, construction and installation of four LNG trains, each with a capacity of 8 million t/y – was awarded in February 2021 to a consortium of Japan’s Chiyoda and France’s Technip Energies.

    In May 2023, QatarEnergy awarded the $10bn main EPC contract for NFS to a consortium of Technip Energies and Consolidated Contractors Company (CCC). The contract includes two LNG trains, each with a capacity of 7.8 million t/y.

    Once fully operational, the first two phases are expected to add 48 million t/y of LNG supply to the global market.

    QatarEnergy took the final investment decision on the third phase, North Field West (NFW), this year, awarding an EPC contract estimated at $8bn to a joint venture comprising Technip Energies, CCC and Gulf Asia Contracting in February.

    Chiyoda carried out the feed work for the NFW LNG project.

    The NFW scope covers the EPC of two LNG trains with a combined capacity of 16 million t/y, as well as associated facilities for gas treatment, natural gas liquids recovery and helium extraction.

    In addition to LNG, NFW is expected to produce about 175,000 barrels of oil equivalent a day of condensate, ethane and liquefied petroleum gas.

    With all three phases under EPC execution – and NFE scheduled for commissioning later this year – QatarEnergy is positioning itself to remain one of the world’s largest LNG suppliers in the long term.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19715235/main5946.jpg
    Indrajit Sen
  • Design completed for Libyan oil field development

    16 September 2026

     

    Register for MEED’s 14-day trial access 

    Design work has been completed for a project to develop Libya’s I/R oil field, according to industry sources.

    The front-end engineering and design work was completed by a team in the London offices of Italy’s EniProgetti and paves the way for the main engineering, procurement and construction contract to be tendered.

    One source said: “At the moment, there is no fixed date for when the invitation to bid for the main contract will be issued, but the project has a lot of momentum and is progressing towards tendering.”

    The I/R oil field is located in Murzuq Basin in southwestern Libya.

    In June this year, Libya's National Oil Corporation (NOC) signed a unified operating agreement for the field.

    The I/R field is operated by Akakus Oil Operations, which is a joint venture of NOC in partnership with Spain’s Repsol, France’s TotalEnergies Repsol, Austria’s OMV and Norway’s Equinor.

    The agreement in June was signed by NOC as well as its concession partners.

    NOC said the agreement would unify operational and administrative procedures related to field management, optimise resource utilisation and support production sustainability.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19711588/main.jpg
    Wil Crisp
  • QatarEnergy selects contractors for offshore oil field expansion

    16 September 2026

     

    Register for MEED’s 14-day trial access 

    QatarEnergy has selected contractors for the two main engineering, procurement and construction (EPC) packages of its estimated $4bn-$5bn Maydan Mahzam offshore oil field expansion project in Qatar.

    The Qatari energy giant has selected a consortium of state-owned PetroVietnam Technical Services Corporation (PTSC) and Singapore-based Seatrium for package one of the Maydan Mahzam field expansion project, according to sources.

    State-owned China Offshore Oil Engineering Company (COOEC) has secured package two of the project, sources told MEED.

    Additionally, PTSC has confirmed its contract award for the first engineering, procurement, construction and installation (EPCI) package in a disclosure to the Hanoi Stock Exchange, saying its wholly owned subsidiary PTSC Mechanical & Construction had received a letter of award from QatarEnergy. The company added that “the parties will continue discussions to finalise and execute the definitive contract, which is expected to be signed in October 2026”.

    In its filing, PTSC added that its scope of work covers “the provision of engineering, procurement, construction, transportation, offshore installation, hook-up, commissioning and brownfield modification services for the [Maydan Mahzam] project”.

    MEED reported in late August that the consortium of PTSC and Seatrium had emerged as the frontrunner for package one of the expansion project.

    At the time, US-based McDermott was ahead in the race to win package two. However, COOEC is understood to have presented "better terms to the client in the final rounds of negotiations”, sources said.

    QatarEnergy issued the main tender for the Maydan Mahzam oil field expansion project in February 2025, with EPC works divided into four packages, MEED previously reported.

    Contractors submitted technical bids for the project’s two main EPC packages in September 2025, sources said.

    After QatarEnergy granted several extensions to the deadline for the submission of commercial bids for the two packages – initially set for 1 March – contractors submitted their prices by 21 June, MEED reported.

    The following contractors, among others, are understood to have submitted bids for the two main packages of the project:

    Package one:

    • China Offshore Oil Engineering Company (China)
    • Hanwha Ocean (South Korea)
    • Hyundai Heavy Industries (South Korea)
    • Larsen & Toubro Energy Hydrocarbon (India)
    • PetroVietnam Technical Services Corporation (Vietnam) / Seatrium (Singapore)
    • Saipem (Italy)

    Package two:

    • Allseas (Netherlands)
    • China Offshore Oil Engineering Company (China)
    • Larsen & Toubro Energy Hydrocarbon (India)
    • McDermott (US)
    • Saipem (Italy)

    The Maydan Mahzam oil field lies about 100 kilometres (km) northeast of the Qatari coastline and 28km southeast of Halul Island, located in water depths of about 40 metres. The field, together with the nearby Bul Hanine field, was discovered in the 1960s and has been in production since 1965.

    QatarEnergy is undertaking the project to upgrade infrastructure at Maydan Mahzam to extend the life of this maturing asset and maintain productivity over the long term.

    The scope of work for package one includes the EPC of seven new topsides, requiring the fabrication of structures weighing more than 78,000 metric tonnes in total. The main process topside will weigh 19,400 metric tonnes, while the other topsides will consist of 10-legged jackets.

    The scope also includes modifications to five existing topsides, four new bridges, eight-tonne support platforms with jackets, brownfield work on Halul Island and the installation of pipelines and cables.

    The scope of work for package two covers the EPCI of topsides, umbilicals and cables.

    ALSO READ: Contractors submit bids for Dukhan field facilities upgrade

    In addition to advancing its gas production and liquefied natural gas ambitions, QatarEnergy committed significant capital expenditure last year to increasing oil output capacity from its offshore fields.

    In August 2025, QatarEnergy selected contractors for the EPC works on a project to maintain and increase production potential at the Bul Hanine offshore oil field. The EPC scope was divided into three main packages, with COOEC being awarded the first two packages and Qatari contractor Doha Petroleum Construction Company (Dopet) being selected for the third. In addition, COOEC appointed US-based KBR to provide detailed engineering services for the first and second packages.

    Separately, last September, QatarEnergy awarded the main EPC contract for a project to add a fifth natural gas liquids (NGL) train at its complex in Mesaieed Industrial City. Indian contractor Larsen & Toubro Energy Hydrocarbon won the contract.

    The project, estimated to be worth $2.5bn, aims to build a fifth NGL train with the capacity to process up to 350 million cubic feet a day of rich associated gas from QatarEnergy’s offshore and onshore oil fields.

    ALSO READ: Contractors prepare bids for North Field West offshore platforms

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19688942/main3340.jpg
    Indrajit Sen
  • Contractors prequalify for Bahrain sports stadium

    15 September 2026

     

    Register for MEED’s 14-day trial access 

    Twenty-one local and Saudi Arabia-based contractors have been prequalified for a contract to build the first phase of the Bahrain International Sports City project in the Sakhir area.

    The prequalification stage closed on 13 September.

    The notice was first issued on 24 May, with an initial submission deadline of 26 July.

    The prequalified firms are:

    1. Alfanar Projects (Saudi Arabia)
    2. Al-Ayuni Investment & Contracting (Saudi Arabia)
    3. Nesma Infrastructure & Technology (Saudi Arabia)
    4. Shar Construction (Saudi Arabia)
    5. Saudi Binladin Group (Saudi Arabia)
    6. Kooheji Contractors (local)
    7. B1 Trading & Services (local) 
    8. Nass Contracting (local)
    9. RTCC / IC Ictas (Saudi Arabia / Turkiye)
    10. Moffareh Alharbi & Partners (Saudi Arabia)  
    11. Al-Sharif Group Holding (Saudi Arabia)
    12. Cebarco (local)
    13. Midmac Contracting (Qatar)
    14. BEC Arabia (Saudi Arabia)
    15. Shibh Al-Jazira Contracting Company (Saudi Arabia)
    16. Poullaides Construction Poullaides Construction 
    17. Isam Khairi Kabbani Partners (Saudi Arabia)
    18. El-Seif Engineering Contracting Company (Saudi Arabia)
    19. AlBawani (Saudi Arabia)
    20. Nesma & Partners (Saudi Arabia)
    21. Modern Building Leaders (Saudi Arabia)

    The latest development follows US-based engineering firm Populous winning a BD5m ($13.5m) contract for the development, as MEED reported.

    Populous’ scope covers pre-contract consultancy services, including finalising the masterplan and internal infrastructure, completing phase 1A design works and preparing tender documents.

    The contract was first tendered in 2021, when Populous emerged as the sole bidder.

    At the time, it was reported that the Sports City project would include Bahrain’s largest sports stadium and a multipurpose indoor sports arena.

    The project is expected to provide renewed impetus to Bahrain’s construction and transport sector, which has struggled in recent years, with the total value of awarded contracts falling for a third consecutive year.

    According to regional project tracker MEED Projects, about $400m-worth of contracts had been awarded in Bahrain by the end of October last year – less than half the $1.2bn recorded during the same period the previous year.

    The sector has yet to return to pre-pandemic levels. Before 2020, Bahrain consistently awarded more than $2bn in contracts annually, peaking at nearly $4bn in 2016.

    Bahrain’s construction industry is forecast to record average annual growth of 4.9% in 2026-29, supported by investments in transport infrastructure and renewable energy projects aligned with Bahrain’s Economic Vision 2030.

    Vision 2030 includes the BD11.3bn ($30bn) Strategic Projects Plan, unveiled in October 2021, encompassing 22 national infrastructure projects. It also includes plans to create five new cities by 2030: Fasht Al-Jarm, Suhaila Island, Fasht Al-Azem, Bahrain Bay and Hawar Islands.

    Growth over the forecast period is also expected to be driven by investments under the National Renewable Energy Action Plan, which targets a 30% reduction in carbon emissions by 2035, compared to 2015 levels, and aims to achieve net-zero emissions by 2060.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19670426/main.jpg
    Yasir Iqbal
  • Riyadh Expo signs private real estate development deal

    15 September 2026

    Register for MEED’s 14-day trial access 

    Saudi Arabia's Expo 2030 Riyadh Company (ERC) has signed an agreement with Riyadh-based developer Mohammed Al-Habib Real Estate Company to develop and deliver Expo Village, the event's residential community.

    The project will comprise about 2,300 apartments, housing around 5,500 residents, alongside retail and dining outlets, amenities, services and operational facilities.

    The community will be connected to the Expo 2030 Riyadh site via the Expo metro station, as well as to King Khalid International airport and the city’s wider transport network.

    The deal marks ERC’s first private-sector partnership deal for the site.

    The latest agreement comes as ERC is gearing up to deliver several components of the site. Tendering is ongoing for the Saudi Arabia pavilion, and another tender is out for the delivery of the Souq areas within the expo site.

    Site progress

    Construction activity at the expo site is accelerating, with Riyadh moving to award its first major vertical contracts and advancing infrastructure works across the programme.

    Earlier this month, Saudi Arabia’s Royal Commission for Riyadh City awarded a design-and-build contract for the construction of a new metro station catering to the Expo 2030 site.

    In April, ERC awarded two contracts for the next phase of infrastructure works at the site to local firm Alyamama Company.

    The scope covered the construction of road networks and infrastructure for water, sewage, electricity, telecommunications and electric vehicle (EV) charging.

    These awards followed ERC’s January award of an estimated SR1bn ($267m) contract for initial infrastructure works at the site to local firm Nesma & Partners.

    That scope covered about 50 kilometres of integrated infrastructure networks, including internal roads and essential utilities such as water, sewage, electrical and communications systems; and EV charging stations.

    The masterplan covers 6 square kilometres, making it one of the largest sites ever designated for a World Expo event. Situated to the north of the Saudi capital, the site will be located near the future King Salman International airport and will provide direct access to landmarks within Riyadh.

    The Public Investment Fund, Saudi Arabia’s sovereign wealth vehicle, launched ERC – a wholly owned subsidiary – in June 2025, to build and operate facilities for Expo 2030.

    READ THE SEPTEMBER 2026 MEED BUSINESS REVIEW – click here to view PDF

    Nuclear power ambitions gather pace; Kuwait keeps dealmaking alive despite war; Region invests in raising gas processing capacity.

    Distributed to senior decision-makers in the region and around the world, the September 2026 edition of MEED Business Review includes:
    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/19665616/main.jpg
    Yasir Iqbal