(Bloomberg) –The Saudi company tasked with building a mega cultural heritage project in the heart of Riyadh is close to securing $400 million from foreign investors, indicating progress in the kingdom’s efforts to draw private funding into the tourism sector.
Companies from Italy, Colombia and the United Arab Emirates are the latest to make commitments to co-develop hotels and villas at the site, Diriyah Co. Chief Executive Officer Jerry Inzerillo said in an interview on the sidelines of the Future Investment Initiative confab in the Saudi capital.
“What we’re now seeing is not just Gulf investment, Saudi investment but foreign investment,” he said. “People are starting to believe that what we said we were going to do is…