The historic centre of Diriyah on the outskirts of the Saudi capital Riyadh will open to the public for the first time on Sunday. AFP
The historic centre of Diriyah on the outskirts of the Saudi capital Riyadh will open to the public for the first time on Sunday. AFP
The historic centre of Diriyah on the outskirts of the Saudi capital Riyadh will open to the public for the first time on Sunday. AFP
The historic centre of Diriyah on the outskirts of the Saudi capital Riyadh will open to the public for the first time on Sunday. AFP

Travel

Saudi Arabia reopening Unesco-listed Diriyah to the public for the first time in a decade

With a history dating back thousands of years, the restored centre of the kingdom's old capital will welcome visitors from Sunday

Hayley Skirka
Hayley Skirka

November 29, 2022

  • English
  • Arabic

Saudi Arabia is reopening public access to one of its most important historical sites for the first time in a decade.

Diriyah's historical centre will open to visitors next month after being closed for redevelopment for more than 10 years.

Dating back thousands of years, the Unesco World Heritage Site of At-Turaif is widely regarded as the birthplace of Saudi Arabia.

From Sunday, visitors will be able to step back in time and wander through the region's restored mud brick palaces and buildings.

Saudi tour guide Nada Alfuraih walks inside an 18th-century palace in the historic district of Diriyah. AFP
Saudi tour guide Nada Alfuraih walks inside an 18th-century palace in the historic district of Diriyah. AFP

It’s the first time that the centre will be open to the public since it gained Unesco designation in 2010.

The historic region is home to some of the kingdom's best examples of traditional Najdi architecture, including a restored palace that was the original home of the Al Saud family.

As part of the opening, visitors will be able to take part in guided walking tours of At-Turaif, designed to share details about the region's importance.

There will also be a schedule of activities including theatrical performances that will offer a glimpse of what life was like in what was the first Saudi state.

Arabian horse shows, traditional coffee experiences and calligraphy workshops will also be on offer and a full calendar of events is set to be unveiled for the winter season.

Bujairi Terrace will also officially open to the public on Sunday and is set to become one of the kingdom’s most prominent luxury dining destinations.

Located in Wadi Hanifah, the upscale development overlooks At-Turaif and has been built in harmony with the region’s historic architecture. Several restaurants and cafes will open at the site including Brunch & Cake, Angelina's, Hakkasan and Sarabeth’s.

Diriyah will continue to expand, with several luxury hotels earmarked to open at the historical site, which aims to attract more than 30 million annual visitors by 2030.

Saudi Tourism Minister Ahmed Al-Khateeb inaugurated the site on Monday as part of the World Travel and Tourism Council’s 22nd Global Summit.

Julia Simpson, chief executive of WTTC, and other selected delegates attended an opening gala at the historical site.

The annual travel event is taking place in Riyadh, the first time it has been hosted in Saudi Arabia. More than 3,000 tourism leaders and experts are expected to attend.

Predictions

Predicted winners for final round of games before play-offs:

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  • Saturday: Hyderabad v Kolkata - Hyderabad
  • Sunday: Delhi v Mumbai - Mumbai
  • Sunday - Chennai v Punjab - Chennai

Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore

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Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: November 29, 2022, 6:48 AM
Saudi ArabiaTourism