Salwa Palace at Al Turaif district of Diriyah, the first seat of power in Saudi Arabia. Bloomberg
Salwa Palace at Al Turaif district of Diriyah, the first seat of power in Saudi Arabia. Bloomberg
Salwa Palace at Al Turaif district of Diriyah, the first seat of power in Saudi Arabia. Bloomberg
Salwa Palace at Al Turaif district of Diriyah, the first seat of power in Saudi Arabia. Bloomberg

PIF-backed Diriyah Company considers Tadawul IPO by early 2027, CEO says


Deena Kamel
  • English
  • Arabic

Diriyah Company, the developer turning the historic Saudi city into a tourism giga-project, is considering an initial public offering on the Tadawul stock exchange by early 2027, as the kingdom seeks to develop non-oil sectors and attract international tourists.

The company is already generating revenue of 50 million Saudi riyals ($13.3 million), which it expects to "at least double" in 2024, after it opened substantial assets in 2022 and attracted more than one million visitors to the historic site of Al Turaif District, said Jerry Inzerillo, group chief executive of Diriyah Company.

Diriyah Company, which is a subsidiary of the Public Investment Fund, would list 100 per cent of its shares if it proceeds with the offering.

"We've hired lawyers and bankers ... we're putting the preliminary structure in place to evaluate what we have to do over the next short period of time to build up to an IPO that could be listed on the Saudi stock exchange," he said on the sidelines of the World Travel and Tourism Council's global summit, in Rwanda.

“We hope that within 36 months we’ll have a realistic window.”

Jerry Inzerillo, group chief executive of Diriyah Company, at the World Travel and Tourism Council's summit in Rwanda. Photo: WTTC
Jerry Inzerillo, group chief executive of Diriyah Company, at the World Travel and Tourism Council's summit in Rwanda. Photo: WTTC

In January, Saudi Arabia’s sovereign wealth fund designated Diriyah as its fifth giga-project after the Neom, Red Sea, Qiddiya and Roshn developments.

The $63.2 billion project at Diriyah is set to transform the site into a major tourism destination.

Diriyah, the kingdom’s first seat of power, was built from mud bricks along the banks of Wadi Hanifa, north-west of Riyadh.

Diriyah, home to the Unesco World Heritage Site of At-Turaif, is the birthplace of the kingdom and the ancestral home of Al Saud royal family. On this site, the First Saudi State was established in 1727. The settlement of Diriyah, which dates back to 1446, was home to generations of leaders.

By 2030, the mixed-use destination will span 14 square kilometres and is set to house 42 hotels, more than 100 restaurants, nine museums and about 30,000 homes.

It is also expected to create 178,000 direct jobs and contribute 70 billion riyals directly to the national gross domestic product by the end of the decade, according to the PIF.

As part of its Vision 2030 strategy to diversify its economy away from oil, Saudi Arabia is seeking to attract more international tourists and become a global travel destination.

It aims to increase the contribution of the tourism sector to the kingdom's economy to 10 per cent by 2030, up from 3 per cent in 2019.

The kingdom expects to attract about 100 million domestic and international visitors this year, with the tourism sector contributing almost 6 per cent to its GDP in 2023, Tourism Minister Ahmed Al Khateeb said in October.

The country is also aims to attract 70 million overseas visitors a year by 2030, with the government investing billions of dollars in new tourist attractions, resorts, entertainment, new carrier Riyadh Air and the new King Salman International Airport in Riyadh.

“We have several projects now that are not only on time and on budget, but are showing great promise," Mr Inzerillo said.

"At some particular point it’s going to be a big return. The PIF is a fund so we’re fortunate because it’s very rare in the world that natural and cultural heritage projects have good ROI [return on investment] like us."

He said the sales pitch to investors was entry into a G20 market with robust demand, a population of more than 30 million and the introduction at Diriyah of a "desirable commercial product".

Saudi Arabia is the sole bidder to host the 2034 Fifa World Cup and is also bidding to brings the World Expo 2030 to Riyadh.

"You’ve got these gigantic events that will infuse $1 trillion of capital from the public and private sector into Riyadh alone," Mr Inzerillo said.

The hospitality industry veteran dismissed any effect on the Diriyah project's future plans from global supply chain bottlenecks and labour shortages.

"We feel things are going extremely well," he said.

"Right now in November of 2023, remarkably, we're slightly ahead of schedule. If you do a snapshot of what I promised the King and the Crown Prince, we're six months ahead of schedule."

The project hired 27,000 construction workers, which will increase to 31,000 by the end of the year, and 2,000 staff. About 85 per cent of its workforce are Saudi citizens, 38 per cent are Saudi women and 14 per cent are from Diriyah.

Asked about the effect of the Israel-Gaza war on project progress and visitor numbers, Mr Inzerillo said: "We know the Crown Prince [Mohammed bin Salman] is working unbelievably hard on trying to find a peaceful solution to the region ... but our instructions are: 'We'll handle the diplomatic side of what's happening in the region, you focus on the goals of Vision 2030 and take care of what you're mandated to do.' So we have our marching orders."

The Diriyah Company will "open, ground-break and announce projects" In December every year until 2030, he said.

Next month, it will undertake a soft opening of its first hotel of 141 rooms.

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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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Courtesy: Crystal Intelligence

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
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• Kevin Mahoney, 61
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Drivers’ championship standings after Singapore:

1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
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ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

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Key facilities
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  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
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  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

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Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

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The essentials

What: Emirates Airline Festival of Literature

When: Friday until March 9

Where: All main sessions are held in the InterContinental Dubai Festival City

Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.

Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.

Information: www.emirateslitfest.com
 

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Specs

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Range: Up to 610km

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Price: From Dh439,000

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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Updated: November 07, 2023, 10:39 AM`