Diriyah Square: A Gateway to Economic and Creative Growth
Retail leaders will be given an exclusive sneak peek at the transformative Diriyah Square project during a major event in France next week.
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The Diriyah Company will introduce its new visionary and lifestyle destination—Diriyah Square—to global industry leaders at the World Retail Congress in Paris from April 16 to 18.
Situated on the outskirts of Riyadh, the retail hub will feature over 400 new retail outlets and more than 100 restaurants and cafés, all centrally located in the historic development area of Diriyah, which incorporates traditional architectural concepts and design elements that are over 300 years old.
Diriyah Square aims to become an international focal point by connecting the world’s finest retail brands with local artisan goods. It seeks to blend culture, leisure, and entertainment to foster community connections. The unveiling at the World Retail Congress will provide potential partners with a glimpse into The City of Earth’s dynamic retail approach, which includes world-class dining, luxury fashion boutiques, and a host of other amenities and attractions just a few kilometers from Riyadh.
As part of Saudi Arabia’s Vision 2030, Diriyah Square is poised to become a central hub for commerce, culture, and entertainment. The project’s focus on sustainability, community engagement, and cultural preservation highlights its commitment to creating an inclusive retail environment.
Jerry Inzerillo, Group CEO of Diriyah Company, highlighted the significance of Diriyah Square, as it represents more than just a shopping hub. It is a symbol of Saudi Arabia’s dedication to fostering economic growth and encouraging creativity and innovation. He expressed enthusiasm about welcoming investors and stakeholders from across the globe to participate in this venture and contribute to shaping the future of retail.
The district, characterized by its pedestrian-friendly design, direct access to Wadi Hanifah, and proximity to the stunning At-Turaif UNESCO World Heritage Site, is poised to become a premier lifestyle destination globally.
Diriyah Company is revolutionizing urban planning by transforming Diriyah, known as “The City of Earth,” into a thriving capital of culture, entertainment, education, and the arts. The project not only links Saudi Arabia’s past with its future but also introduces visitors to the charm and generosity of Najdi culture, serving as a source of inspiration for generations of creatives, innovators, entrepreneurs, and educators.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
