New development firm set up for $20bln Diriyah Gate project

Work is in full swing on the Phase One of Diriyah Gate masterplan

Saudi Arabia to Inaugurate Diriyah Gate, a new cultural and lifestyle tourism destination with a UNESCO World Heritage Site at its heart

Saudi Arabia to Inaugurate Diriyah Gate, a new cultural and lifestyle tourism destination with a UNESCO World Heritage Site at its heart

DGDA / Handout via Zawya

Diriyah Gate Development Authority (DGDA) has set up a new subsidiary company, Diriyah Development Company (DevCo) to handle the development activity taking place within its ambitious SR75 billion ($20 billion) Diriyah Gate development which is projected to increase by 450 per cent over the last year.

Work is in full swing on the Phase One of Diriyah Gate masterplan; marking the beginning of a bold new era of construction and transformation for historic Diriyah, said a statement from DGDA.

The new company DevCo will have its own board, structure and team led by its President Jonathan Timms.

Currently DGDA’s chief design and development officer, Timms will be retaining his reporting line into CEO Jerry Inzerillo, it stated.

His existing role has been split between three new C-Suite roles as follows: Chief Development Officer; Chief Design Officer; and Chief Delivery Officer, while Mohamed Saad has been appointed as Chief Development Officer.

Currently a senior development director at DGDA, he has been with the company for over two years. In his new role, Saad will lead the development for two masterplans - Diriyah Gate and Wadi Safar, said the statement from DGDA.

On the launch of DevCo, Inzerillo said: "Through operating this new company structure, we are preparing the company for expedited and imminent growth. Our dedicated leadership team continues to grow from strength to strength, and we are thrilled to be promoting this exceptional internal talent."

"We are also excited to be additionally searching the global market for further talent acquisition to fulfill our current C-suite vacancies," he added.

Timms said: "2020 was an immensely successful year for all divisions of DGDA, including the great progress we achieved as a team on our core purpose to develop our three masterplans. Our development activity is progressing quickly as we move from a planning phase to the more intense detailed design and delivery phase."

Developing our Saudi team is just as important as the progression of our masterplans, and DGDA has been blessed with a large group of incredibly passionate and dedicated Saudi talent.

"Impressively, over 50 percent of our Saudi team were promoted at the end of 2020, including our new Senior Director of Health & Safety Izac Assiri and Dalia Muhndis who was promoted to Interior Design Director," he noted.

"We are confident that our Saudi leadership will continue to grow throughout 2021 and beyond as we enthusiastically work towards Vision 2030, he added.

Timms pointed out that DGDA's aspirations and targets for 2021 were very ambitious, with the level of development activity planned being a 450% increase on that of 2020.

"We are also honored to have been tasked by HRH The Crown Prince Mohammed Bin Salman with an ambitious new masterplan of more than 5 million sq m of gross floor area, which is more than four times the size of Diriyah Gate," he observed.

"I am delighted to be spearheading this critical next stage of growth for the company and delivery of phase one, and look forward to the rapid implementation of our next phase," he added.

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