Saudi Arabia’s Fiscal Crisis Won’t Slow $20 Billion Project
- ‘Diriyah Gate’ funds allocated, moving ahead full-speed: CEO
- Kingdom betting on rebound in tourism and hospitality spending
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Saudi Arabia is pushing ahead with a $20 billion tourism and culture project in its capital despite the kingdom’s fiscal crisis, counting on a rebound in pent-up consumer spending when the global pandemic abates.
Officials have allocated funds for the mega-project in Riyadh, called “Diriyah Gate,” and Crown Prince Mohammed bin Salman told planners to move “full speed ahead, no slowdown,” according to Jerry Inzerillo, chief executive officer of the project’s development authority. Several parts of the project are in construction and the first phase should be completed by the end of 2023, he said.