How Diriyah in Saudi Arabia is Aiming To Attract European Retail Businesses

The multi-billion-dollar giga project is transforming Saudi Arabia and attracting luxury European brands

Diriyah in Saudi Arabia is an enchanting place where the ancient meets the modern. Called the City of Earth because its Najdi-style architecture made from earth, blends in with the new and burgeoning Saudi Arabia. Just 14 square kilometers and 15 minutes from the center of Riyadh, it dates back to 1727 and is the birthplace of the Kingdom.   

A giga project, $63.2 billion dollars is being poured into Diriyah alone by the Kingdom’s Public Investment Fund (PIF). And strategic partnerships led by Diriyah Company’s Group CEO Jerry Inzerillo and his team, will undoubtedly contribute back into the Saudi economy. European hotels and retail are driving forces for Diriyah’s success. Recently, Diriyah Company unveiled a visionary retail hub called Diriyah Square at the World Retail Congress in Paris. Every year the World Retail Congress is held in a different city, bringing together international retail leaders to share insights on the future of retail.

“The unveiling of what Diriyah Square has to offer the global retail industry in Paris has provided potential partners with an insight into The City of Earth’s dynamic approach to retail,” Mohammed Saad, President of the Diriyah Development Company tells Euronews. “We are committed to sharing the unique array of opportunities Diriyah has to offer to the world’s leading businesses and organizations worldwide at prestigious gatherings like the World Retail Congress.” Saad is leading the phase one masterplan development, which includes Diriyah Square.

“As part of Saudi Arabia's Vision 2030, Diriyah Square is poised to become a hub of commerce, culture, and entertainment. The project's emphasis on sustainability, community engagement, and cultural preservation underscores its commitment to creating a truly immersive and inclusive retail environment,” says Saad. The European market is a key market for what Diriyah Company is looking to achieve from now until Crown Prince Mohammed bin Salman’s Vision 2030 initiative is fully unveiled to the world. Part of Vision 2030 is Saudi Arabia hosting the 2029 Asian Winter Games, the World Expo 2030, and the 2034 FIFA World Cup. Diriyah is one of five giga projects in the country, with a combined worth of $1.8 trillion, and very much a part of Vision 2030. Already, Diriyah Company is partnering with over forty planned international luxury hotels brands from Swiss hotel brand Aman, Italian hotel brand Armani Hotel, and French Hotel brand Fauchon.

Unveiling Diriyah Square to Europe, which will offer over 400 new retail outlets, with more than 100 restaurants and cafes in historic Diriyah is key, for potential European businesses to also open in the space. “Diriyah Square is more than just a shopping destination—it is a symbol of Saudi Arabia's commitment to driving economic growth and fostering creativity and innovation.  That is why we are so excited to invite investors, and retailers gathering in Paris and from around the world to join us in this exciting journey, and to be a part of shaping the future of retail,” continues Saad. Diriyah Square aims to be an international focal point that connects luxury’s top brands and local artisan goods. With the aim to bring communities in the Kingdom together, leisure, entertainment, dining, and culture will all be infused into this already historic place.

The Congress has been an opportunity to unveil what potential partners can expect in Diriyah Square and Diriyah Company’s approach to retail. Coining Diriyah as the Beverly Hills of Riyadh, and its ultra-exclusive area Wadi Hanifah to Bel-Air- both wealthy areas Los Angeles- Inzerillo is striving to make The City of Earth a gem that will bring prestige to Riyadh.

Already this year Inzerillo and his team have been in France. In March, at Le Marché International des Professionnels de l’immobilier, commonly known as MIPIM in Cannes, Diriyah Company shared the development taking place, sustainability initiatives being enacted, tourism, and what they’re doing to boost economic growth as one of the five giga projects in the country.

“Europe is an acknowledged world leader in the retail and hospitality sector and we are committed to working with partners who share our commitment and vision for a new era of memorable shopping, dining, and visitor experiences. Our goal is to build on the already strong relationships that Saudi Arabia has with multiple European markets and to provide retailers with a new vibrant opportunity for growth at Diriyah,” says Saad.

How Diriyah Square with retail shops will look | Photo provided by: Diriyah Company

Diriyah Company is already moving in on its retail offering. Renowned Italian luxury fashion brand Dolce&Gabbana announced at the end of March, through its partnership with Saudi Arabia’s Almalki Group that it will be a part of the first-ever luxury outlet in Diriyah’s Bujairi Terrace, set to open sometime this year. The fashion brand’s premium café, along with an exclusive Abaya section will be onsite, bridging regional and European fashion.

“The decision by Dolce & Gabbana to open their new café and boutique in Bujairi Terrace demonstrates the quality of the experience that Diriyah has to offer its partners and the growing footfall we are now experiencing. We are confident that their decision will powerfully resonate with other luxury brands when considering joining us on this journey towards a new and unique retail and hospitality future at Diriyah,” shares Saad.

And also, this week at the United Nations headquarters in New York, Inzerillo was appointed UN Tourism Ambassador during the organization’s first-ever UN Sustainability Week. He joins fifty other UN tourism ambassadors, which includes Giorgio Armani and Lionel Messi, with the aims of impacting global tourism and its role in sustainability. This achievement flows in line with the tourism accomplishment that Diriyah Square will be.

“We have been enormously encouraged by the positive response of companies and potential partners here in Paris and are looking forward to welcoming some of Europe’s biggest brands to Diriyah Square. We believe this will mark a new milestone in the evolution of retail and become an international focal point that connects the world’s finest retail brands with local artisan goods. It aims to fuse culture, leisure, and entertainment to bring communities closer together by creating shared moments of relaxation and enjoyment,” says Saad.