The Saudi Arabian General Investment Authority (SAGIA) and the Diriyah Gate Development Authority (DGDA) — which is developing the $17.1bn (SAR64bn) Diriyah Gate Project — have signed a memorandum of understanding (MoU) to boost local and international investments.
According to the MoU, the companies will form a joint working group to activate the areas of cooperation that are specified in the agreement.
On its official Twitter account, DGDA quoted its chief executive officer, Jerry Inzerillo, who said that through its partnership with SAGIA, the company aims “to attract and retain inward investment to the Kingdom of Saudi Arabia”.
Construction Week reported in November 2019 that the Custodian of Two Holy Mosques King Salman bin Abdulaziz Al Saud had laid the foundation stone on the Diriyah Gate Project.
The project aims at restoring the 18th century city of Diriyah that was established on the banks of Wadi Hanifa in 1446 AD and became the capital of the first Saudi state in 1744 AD.
Once restored the Diriyah Gate Project will become a cultural and lifestyle destination project in the kingdom.
Upon completion, the 7km2 project will comprise 20 luxury hospital brands, including Aman Resorts, five iconic squares, a 15,000-seat arena, and a Formula-E racetrack.
Last year, Inzerillo also said that Diriyah Gate Project will create 55,000 jobs — 15% of which will cover employees from Diriyah in the kingdom.