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Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)
The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)
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Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)
The Diriyah project represents a cultural and economic value for Saudi Arabia and enhances the Kingdom's position as a tourist destination regionally and internationally (Asharq Al-Awsat)

Saudi Crown Prince and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday designating Diriyah as the fifth giga-project owned by the Kingdom’s sovereign wealth fund.

The Diriyah tourism project aligns with PIF’s strategy for achieving the goals of the Kingdom’s plan for national transformation, Vision 2030.

Vision 2030 aims to diversify the local economy by contributing to the development and empowerment of vital sectors such as tourism and culture. Overall, this works to enhance the Kingdom’s position regionally and internationally as a leading tourist and cultural destination.

Diriyah’s designation is a step that reflects the state’s interest in culture and investment, specialists affirmed to Asharq Al-Awsat.

Moreover, the project’s addition to PIF’s portfolio promotes a sustainable economy, creates partnership opportunities with the private sector and attracts foreign capital, all of which contribute to the Kingdom’s GDP.

The announcement comes as an extension and affirmation of the Crown Prince’s efforts about all the main elements that make up the national identity and Saudi culture.

The Diriyah project adds historical, cultural, and political value to the Kingdom’s 300-year history.

Diriyah is a globally significant destination that includes the Turaif district, a UNESCO World Heritage Site.

“The Crown Prince's announcement strengthens partnership with the private sector and attracts foreign capital to enter into this giant project (Diriyah) and explore new investment opportunities,” Abdul Mohsen Al-Hokair Group’s CEO, Majed Al-Hokair, told Asharq Al-Awsat.

“The project enhances the Kingdom’s position regionally and internationally and constitutes a historical, cultural and economic value for Saudi Arabia,” Al-Hokair added.

He also noted that including Diriyah as the fifth giga-project by PIF enhances qualitative and sustainable development projects in the Kingdom.

“Diriyah is the center of heritage and culture and the cradle of the first Saudi state,” asserted Al-Hokair.

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Saudi-Indian Business Council: Modi’s Visit to Launch Strategic Private Sector Partnership

A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)
A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)
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Saudi-Indian Business Council: Modi’s Visit to Launch Strategic Private Sector Partnership

A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)
A photo of Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in 2019 (SPA)

Indian Prime Minister Narendra Modi is expected to arrive in Saudi Arabia on Tuesday for an official visit during which he will meet with Crown Prince Mohammed bin Salman to discuss trade, investment, and energy cooperation.

In anticipation of the visit, the Saudi-Indian business community has expressed optimism about strengthening bilateral ties and advancing toward deeper economic integration through the launch of new joint projects that aim to establish a strategic partnership between the two countries’ private sectors.

Abdulaziz Al-Qahtani, Chairman of the Saudi-Indian Business Council, told Asharq Al-Awsat that India is Saudi Arabia’s third-largest trading partner in terms of exports and fourth in terms of imports, underscoring the importance of their economic relationship.

Al-Qahtani noted that trade between the two countries has grown significantly in recent years, with total bilateral trade reaching approximately $157 billion in 2023—a 20% year-on-year increase.

India’s major exports to the Kingdom include chemical products, organic and inorganic materials, pearls, precious stones, metals, copper, and aluminum. In return, Saudi imports from India consist of plant-based and mineral products, pharmaceuticals, apparel, iron goods, machinery, electrical equipment, and vehicles.

Regarding new initiatives and agreements, Al-Qahtani highlighted two private sector agreements signed in February, signaling both nations’ serious commitment to expanding cooperation in trade, investment, and economic development.

He added that the council is currently working on several initiatives, including activating the bilateral investment promotion and protection agreement, implementing the double taxation avoidance treaty, and proposing frameworks for preferential treatment. These steps aim to enable unconventional projects to benefit from advantages available in both countries.

Al-Qahtani also noted the rising presence of Indian companies in the Saudi market, with more than 50 firms currently operating in the Kingdom. Several of these companies have recently opened regional headquarters in Saudi Arabia.

The sectors with the highest Indian activity include construction—with 20 companies in this field—along with health, training, and technology. “We are now set to begin cooperation in the manufacturing sector as well,” Al-Qahtani said.