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

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

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. 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