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Diriyah Development Company President: We Plan to Establish Diriyah as Global Tourist Destination

One of the development projects in Diriyah, Saudi Arabia. (Asharq Al-Awsat)
One of the development projects in Diriyah, Saudi Arabia. (Asharq Al-Awsat)
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Diriyah Development Company President: We Plan to Establish Diriyah as Global Tourist Destination

One of the development projects in Diriyah, Saudi Arabia. (Asharq Al-Awsat)
One of the development projects in Diriyah, Saudi Arabia. (Asharq Al-Awsat)

Mohamed Saad, President of Diriyah Company, emphasized the company’s steadfast and advanced strides towards executing its comprehensive plans to establish a major tourist destination in Diriyah, located northwest of Saudi Arabia's capital, Riyadh.

The project aims to create a global gathering hub spread over 14 square kilometers, becoming a place to live, work, and entertain approximately 100,000 people by 2030.

Speaking to Asharq Al-Awsat, Saad detailed the company’s ambitious blueprint to essentially develop a new city on this land.

He highlighted that his company is adopting a holistic development model to ensure the establishment of adequate infrastructure to support urban development plans.

These include residential units, office spaces, new hotels, arts and cultural centers, shopping areas, clubs, restaurants, and world-class cafes.

Saad affirmed that these initiatives align with the goals of Saudi Arabia’s national transformation plan, Vision 2030, showcasing Diriyah Development’s role in fostering a vibrant and diverse economy in the Kingdom.

He stressed the importance of having a detailed strategy as the main factor in the success of a large-scale project like Diriyah.

He noted that such planning attracts top talent in architecture, construction, and global services, especially those focusing on sustainable practices, thus aiding in achieving project goals.

Saad added that Diriyah has partnered with over 100 international firms.

“We always welcome collaboration, especially since our project is now considered one of the most attractive in the world,” he said.

Regarding Diriyah’s potential to be both a historic and cultural center while also developing a new city, he highlighted the project's responsibility in careful planning.

“We fully understand the immense responsibility we bear as the developers of the Diriyah project,” he asserted.

“We are committed to a meticulously planned approach, combining a unique blend of celebrating the past, embracing the present, and looking forward to a prosperous future,” he explained.

Saad also stated that Diriyah’s charm lies not only in its cultural significance but also in its historical buildings, some dating back 300 years, showcasing Najdi architectural heritage.

Moreover, he highlighted the importance of a comprehensive investment strategy for Diriyah's success, citing recent developments like the Diriyah Square shopping area and the Royal Opera House.

“We have a comprehensive investment strategy covering all development aspects, from modern infrastructure to tangible assets,” affirmed Saad.

He also noted the upcoming Diriyah Arena that is “set to become one of the largest entertainment and cultural venues in the Middle East, spanning 76,000 square meters with 20,000 seats.”

Saad highlighted investment opportunities in newly opened areas like Al-Turaif and Al-Bujairi waterfront, which have already attracted millions of visitors.

Diriyah’s expansion plans include hotels, residential units, a golf course, and more. Saad announced further massive assets to be unveiled by the end of the year at the Diriyah Outlook 2024 event.

As a project supported by Saudi Arabia’s Public Investment Fund (PIF), Diriyah aims to create job opportunities, expecting to provide around 178,000 positions for Saudi youth across various sectors.

Saad further revealed his company’s aim of attracting 50 million annual visits to support Vision 2030’s goal of tripling the GDP to 10% of Saudi Arabia's economy by 2030, with Diriyah contributing over 70 billion riyals ($18.6 billion).

“We’re creating a place for people to live, work, and enjoy life, committed to boosting prosperity and making a big impact on the economy,” Saad underlined.

Regarding Diriyah’s role and balancing returns with development, Saad said: “Diriyah is a major project owned by the PIF. As a company, we have commercial goals and global partnerships, aiming to provide significant investment opportunities.”

“These projects will generate revenues that contribute to economic and social development,” he confirmed.

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Business

Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
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Yanbu Commercial Port Boosts Operational Efficiency by Serving 11 Vessels Simultaneously

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)
The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system. (SPA)

Saudi Arabia’s Yanbu Commercial Port achieved a new operational milestone by successfully serving 11 vessels simultaneously of various sizes and cargo capacities, reflecting the port's high level of operational readiness, reported the Saudi Press Agency on Monday.

The achievement underscores the efficiency of the port's operations and its ability to manage maritime and commercial traffic with a high degree of effectiveness.

It contributes to smoother import and export activities and supports the continuity of supply chains in accordance with the highest operational and logistical standards.

The accomplishment builds on the vital role of Yanbu Commercial Port in strengthening Saudi Arabia's maritime transport system and reinforcing its position as a key logistics hub on the Red Sea coast.

It also supports economic growth and enhances the competitiveness of the maritime and commercial sectors.

Business

IMF Ready to Help Africa Weather Middle East Shock, Says Zeidane

Workers sort avocados for export to Chinese markets, at the Sunripe fresh fruits exporters factory in Limuru district of Kiambu County near Nairobi, Kenya June 4, 2026. (Reuters)
Workers sort avocados for export to Chinese markets, at the Sunripe fresh fruits exporters factory in Limuru district of Kiambu County near Nairobi, Kenya June 4, 2026. (Reuters)
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IMF Ready to Help Africa Weather Middle East Shock, Says Zeidane

Workers sort avocados for export to Chinese markets, at the Sunripe fresh fruits exporters factory in Limuru district of Kiambu County near Nairobi, Kenya June 4, 2026. (Reuters)
Workers sort avocados for export to Chinese markets, at the Sunripe fresh fruits exporters factory in Limuru district of Kiambu County near Nairobi, Kenya June 4, 2026. (Reuters)

The International Monetary Fund's new Africa chief, Zeine Zeidane, said that conflict in the Middle East has created difficulties for sub-Saharan Africa but reaffirmed the fund's commitment to aiding nations under economic strain.

Zeidane, who assumed his role as Director of the IMF's African Department on May 1, oversees operations and engagement with 45 countries across the region.

"My immediate priority is really to help countries in ‌the region to weather ‌this shock," Zeidane said at ‌a ⁠media briefing.

The IMF ⁠has already reached staff-level agreements to provide augmented financing in response to the conflict's effects for Burkina Faso, The Gambia and São Tomé and Príncipe.

For Ethiopia, which has a large IMF program in place, Zeidane said the fund accelerated about $200 million ⁠in financing.

Zeidane warned that disruptions linked to ‌the Middle East conflict could ‌take months to resolve, noting that a ceasefire was already ‌in place but that Gulf nations had ‌indicated it typically takes six to seven months for production and exports to resume fully.

He added that the Middle East's role as a significant exporter of fertilizers would have ‌far-reaching implications for Africa's food security and production costs.

Despite immediate challenges, Zeidane expressed ⁠optimism over ⁠sub-Saharan Africa's long-term prospects, noting that prior to the current crisis, the region was among the fastest-growing globally and had made strides in fiscal consolidation.

"The future, the next growth engine for the world, will be Africa," he said. "We need to support Africa to unlock its potential."

Zeidane, who began his IMF career in 2012, previously served as Mauritania's prime minister, central bank governor and economic adviser to the president. He succeeded Abebe Aemro Selassie, who retired from the IMF in May.

Business

The High Cost of Hormuz: $37 Billion Shock Exposes Iraq’s Economic Vulnerability

A drone view shows oil trucks arriving from Iraq on their way to the Baniyas oil terminal, Syria, May 14, 2026. (Reuters)
A drone view shows oil trucks arriving from Iraq on their way to the Baniyas oil terminal, Syria, May 14, 2026. (Reuters)
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The High Cost of Hormuz: $37 Billion Shock Exposes Iraq’s Economic Vulnerability

A drone view shows oil trucks arriving from Iraq on their way to the Baniyas oil terminal, Syria, May 14, 2026. (Reuters)
A drone view shows oil trucks arriving from Iraq on their way to the Baniyas oil terminal, Syria, May 14, 2026. (Reuters)

The recent regional war and the closure of the Strait of Hormuz have pushed Iraq’s economy into one of its most serious crises in decades. The massive financial losses are more than just another consequence of regional conflict; they have exposed Iraq’s near-total dependence on a single maritime export route.

As Baghdad struggles to finance public-sector salaries through domestic borrowing and the use of foreign-exchange reserves, the crisis has renewed scrutiny of years of poor planning, corruption, and political obstruction of strategic projects, such as the Basra-Aqaba oil pipeline, initiatives that could have provided alternative export routes and a safety net for the country’s most important source of income.

Financial and energy analysts estimate Iraq’s losses at more than $37 billion, a severe blow to an economy that relies overwhelmingly on oil revenues.

The disruption has forced authorities to draw on domestic debt and accumulated reserves to cover monthly salary and pension obligations estimated at roughly $6.5 billion.

Slow recovery

Although the conflict appears to be winding down and the Oil Ministry has expressed optimism about resuming production, energy experts caution that Iraqi oil fields may require months to return to their prewar output levels.

Before the crisis, Iraq produced more than 4.2 million barrels per day, including approximately 3.5 million barrels exported to international markets.

Observers said the consequences extend beyond the immediate financial shock caused by the freezing of oil revenues. The conflict revealed a “dangerous strategic vulnerability”: Iraq’s overwhelming reliance on southern Gulf export terminals and the Strait of Hormuz as the sole outlet for its most valuable resource.

The crisis has also revived debate over decades of mismanagement and inadequate planning in one of the country’s most vital economic sectors.

Oil trucks arrive from Iraq, on their way to the Baniyas oil terminal, in Qamishli, Syria, May 11, 2026. (Reuters)

A single export gateway

Over previous decades, Iraq possessed several overland export routes, including the Kirkuk–Ceyhan pipeline to Türkiye, the Iraq-Saudi pipeline, and the historic Kirkuk-Haifa and Kirkuk-Baniyas lines. Most have been out of service for years because of wars, political instability, and security challenges.

Successive governments sought to revive export diversification. Among the most significant proposals was the Basra-Aqaba pipeline, championed during the administration of former Prime Minister Mustafa Al-Kadhimi. The project would transport crude oil from southern Iraq to Jordan’s Red Sea port of Aqaba.

Energy specialists regard it as a strategic asset that could have reduced Iraq’s dependence on Gulf shipping routes. Political disputes and regional pressures, however, prevented its implementation.

Limited alternatives

As the crisis intensified and oil revenues dwindled, Iraq attempted to expand exports through Türkiye, Syria, and Jordan. Energy experts said those efforts achieved only marginal results.

Contrary to reports that Iraq was exporting oil through 700 tanker trucks through Syria, former Oil Ministry spokesman Asim Jihad said exports through Syrian territory amount to no more than 200 tankers per day.

He told Asharq Al-Awsat that Iraq is exporting fuel oil rather than crude oil through Syria to avoid bottlenecks at producing fields.

Such shipments, he added, are operationally complex and generate only limited revenue compared with normal export volumes.

On the northern route, Jihad noted that Iraq exports between 150,000 and 200,000 barrels per day through the Kurdistan Region’s pipeline to the port of Ceyhan in Türkiye.

Meanwhile, the older federal pipeline linking Kirkuk to Ceyhan remains out of service because of extensive damage that has yet to be repaired.

A drone view shows the Rumaila oil field in Basra, Iraq, June 8, 2026. (Reuters)

Jihad expressed little optimism that Iraq can establish major alternative export corridors outside the Gulf in the near future, citing time constraints, high costs, and political complications.

He also voiced uncertainty about negotiations with Ankara over future export agreements through Ceyhan, particularly as existing arrangements are set to expire at the end of July.

“The only option left for Iraq is to hope that no new conflict erupts in the Gulf that would once again close the Strait of Hormuz and deprive the country of its primary source of income,” he added.

Cost of the blockade

The Eco Iraq Observatory estimated that Iraq has lost roughly 350 million barrels of oil exports since the Strait of Hormuz was closed on February 28, representing missed sales worth approximately $37.7 billion at average market prices during the period.

According to the organization, Iraq had been exporting between 103 million and 107 million barrels of crude oil per month before the closure. Export losses reached 84.4 million barrels in March, 93.1 million in April, 92.8 million in May, and 79.6 million in June.

Eco Iraq argued that the “New Levant” initiative — a regional economic integration project involving Iraq, Jordan, and Egypt — has become a strategic necessity.

The plan envisions deeper economic cooperation, infrastructure links, and alternative export routes, including the shipment of Iraqi oil through Jordan to Egyptian ports, reducing dependence on geopolitically vulnerable maritime corridors.