Inzerillo to Asharq Al-Awsat: International Investors Eager to Invest in Diriyah

The CEO of the Diriyah Gate Development Authority (DGDA) Jerry Inzerillo (Asharq Al-Awsat)
The CEO of the Diriyah Gate Development Authority (DGDA) Jerry Inzerillo (Asharq Al-Awsat)
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Inzerillo to Asharq Al-Awsat: International Investors Eager to Invest in Diriyah

The CEO of the Diriyah Gate Development Authority (DGDA) Jerry Inzerillo (Asharq Al-Awsat)
The CEO of the Diriyah Gate Development Authority (DGDA) Jerry Inzerillo (Asharq Al-Awsat)

The CEO of the Diriyah Gate Development Authority (DGDA), Jerry Inzerillo, shared that the Future Investment Initiative (FII) forum in Saudi Arabia offered an excellent opportunity to engage with international investors and inspire their participation in significant projects scheduled for Diriyah, a UNESCO World Heritage site located in Riyadh.

The development project of Diriyah Gate costs $63.2 billion, making it one of the massive projects on the list of the Public Investment Fund (PIF). Moreover, this project is a key component of Saudi Arabia’s goals to become an attractive global tourist destination.

Speaking to Asharq Al-Awsat on the sidelines of the FII forum, Inzerillo emphasized that Diriyah is opening doors to investment opportunities for both foreign and domestic investors in various sectors, including hospitality, retail, and housing.

The projects encompass the construction of 42 hotels, 30,000 homes, 100 restaurants, and 500 retail stores to serve millions of tourists and thousands of permanent residents in the city.

Inzerillo also pointed out that the FII forum was a significant opportunity to meet investors from around the world and introduce them to the available opportunities in the city.

Many investors expressed their admiration for the diverse opportunities and promising projects the development of Diriyah holds.

Inzerillo also praised the support the project receives from both government and private entities in Saudi Arabia, including PIF and various ministries that have brought investors from all over the world to learn more about the project.

Most recently, a delegation consisting of 90 CEOs from financial companies in India, Hong Kong, and China visited the project.

Upon completion, the Diriyah project will encompass a range of cultural, entertainment, commercial, hotel, educational, institutional, and residential areas, including numerous hotels and a diverse array of museums and cultural institutions.



Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
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Starbucks Workers Expand Strike in US Cities Including New York

Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)
Starbucks workers hold signs as they picket during a strike in front of a Starbucks to demand collective bargaining agreements in Burbank, California on December 20, 2024. (AFP)

Starbucks workers have expanded their strike to four more US cities, including New York, the union representing over 10,000 baristas said late on Saturday.

The five-day strike, which began on Friday and initially closed Starbucks cafes in Los Angeles, Chicago and Seattle, has added New Jersey, New York, Philadelphia and St. Louis, Workers United said in a statement. It did not say where the New Jersey walkout was occurring.

Starbucks did not immediately respond to a request for comment outside regular business hours.

Talks between the coffee chain and the union hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The union is striking in 10 cities, also including Columbus, Denver and Pittsburgh, during the busy holiday season that may impact the company's Christmas sales.

Workers United warned on Friday that the strike could reach "hundreds of stores" by Tuesday, Christmas Eve.

Starbucks began negotiations with the union in April. It said this month it had conducted more than eight bargaining sessions, during which 30 agreements had been reached.

The company operates more than 11,000 stores in the United States, employing about 200,000 workers.