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.”
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.
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
UAE currency: the story behind the money in your pockets
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Killing of Qassem Suleimani
The%20Super%20Mario%20Bros%20Movie
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Aaron%20Horvath%20and%20Michael%20Jelenic%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Anya%20Taylor-Joy%2C%20Charlie%20Day%2C%20Jack%20Black%2C%20Seth%20Rogen%20and%20Keegan-Michael%20Key%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A
KILLING OF QASSEM SULEIMANI
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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
|
Draw for Europa League last-16
Istanbul Basaksehir v Copenhagen; Olympiakos Piraeus v Wolverhampton Wanderers
Rangers v Bayer Leverkusen; VfL Wolfsburg v Shakhtar Donetsk; Inter Milan v Getafe
Sevilla v AS Roma; Eintracht Frankfurt or Salzburg v Basel; LASK v Manchester United
Mohammed bin Zayed Majlis
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Killing of Qassem Suleimani
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
TALE OF THE TAPE
Floyd Mayweather
- Height
- Weight
- Reach
- Record
Conor McGregor
- Height
- Weight
- Reach
- Record
![“[Our] main objective is to study the historical landscape, to better understand the foundation of [the Kingdom of Saudi Arabia’s] social and economic development,” heritage management senior director for DGDA, Paola Pesaresi tells The National](https://www.thenationalnews.com/resizer/v2/WKTDTA3V75GJBPFCXI3CVNBVYE.jpg?smart=true&auth=cac7bc51a9c261099db89f9c424d5b617cd24955183b2d4603a5a86184f191e0&width=800&height=450)
![Natural heritage, cultural heritage and community are the three keys to understanding life in the area. We go through the proper value assessment, with the support of the [local] communities, in order to have them at the centre of any decision making," Pesaresi adds](https://www.thenationalnews.com/resizer/v2/WAE4APNZMBH6TF23RFSIF6YIFU.jpg?smart=true&auth=75c81f994d54920c95201878b63a5f39fe0de45f112d68c67a1ee9756c5b838f&width=800&height=450)
