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Saudi Arabia tightens its belt

After eight years of whirlwind construction activity and unprecedented spending, the kingdom’s new watchword is prudence

In a bid to explain the scale of the massive project he is overseeing in Riyadh, Jerry Inzerillo points through his office window at the forest of cranes towering over a construction site.

Around 80 are there now, but “we’ll have 275 cranes by 2027,” says Inzerillo. “Last year, we poured 500,000 cubic metres of concrete.”

The New Yorker, a veteran of the hospitality industry, is now chief executive of the $65bn Diriyah Gate project, a high-end, retail, residential and cultural development beginning to take shape on the outskirts of the kingdom’s capital.

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