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Saudi Diriyah Company Announces 'Zallal' in the Bujairi District

Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)
Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)
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Saudi Diriyah Company Announces 'Zallal' in the Bujairi District

Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)
Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters. (SPA)

Saudi Arabia’s Diriyah Company unveiled on Monday details of Zallal, its inaugural major versatile commercial office and retail project, slated to debut in the first half of 2025 in the Bujairi District.

Upon completion, the project will feature two low-rise office buildings, offering a combined leasable area of approximately 6,000 square meters, alongside 12 mixed retail and F&B outlets spanning around 8,000 square meters, said the company in a statement.

The project has garnered enthusiastic interest from potential tenants, with advanced leasing negotiations currently underway with numerous companies and organizations.

Zallal's strategic location adjacent to the popular Bujairi Terrace positions it to benefit from the proximity to a venue already drawing thousands of visitors daily. Situated near the recently concluded Diriyah Art Futures and the forthcoming Bab Samhan Hotel, the offering promises a dynamic environment for both visitors and tenants.

Diriyah Company's Group CEO Jerry Inzerillo said: “We have been thrilled by the overwhelmingly positive response to Zallal from the commercial sector, and we are currently in advanced negotiations with international and local companies eager to capitalize on the prime location in the heart of Diriyah and the diverse array of accessible retail, F&B, and office spaces available."

"With construction well underway, Zallal sustains the exhilarating momentum at Diriyah and, upon completion, will capitalize on the daily influx of visitors to Bujairi Terrace, emerging as the latest completed precinct in our rapidly evolving master plan,” he added.

Visitors and staff will enjoy the convenience of an easily accessible, 1,400-space basement car park beneath Zallal, featuring direct links to Wadi Hanifah, Al Imam Abdulaziz bin Muhammad ibn Saud Road, and public transportation. Coach drop-off points for tourists and visitors will ensure a seamless arrival experience in a pedestrian-friendly environment.

Among the companies currently engaged in leasing negotiations are esteemed international brands venturing into Saudi Arabia for the first time, locally grown enterprises, and innovative Saudi concepts.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.