Trying to run bundle install but gets blocked on thrift-0.16.0 dependency

Hi, I am trying to run this command on macOS Big Sur in the Gitlab core repo:

bundle exec rake gitlab:audit_event_types:compile_docs

This command tells me to install the missing dependency thrift-0.16.0. I tried to install thrift manually using this command:

gem install thrift -v 0.16.0 -- --with-cppflags="-Wno-compound-token-split-by-macro"

but, it fails and gives me this output:

Building native extensions with: '--with-cppflags=-Wno-compound-token-split-by-macro'
This could take a while...
ERROR:  Error installing thrift:
        ERROR: Failed to build gem native extension.

    current directory: /usr/local/lib/ruby/gems/3.2.0/gems/thrift-0.16.0/ext
/usr/local/opt/ruby/bin/ruby extconf.rb --with-cppflags\=-Wno-compound-token-split-by-macro
checking for strlcpy() in string.h... *** extconf.rb failed ***
Could not create Makefile due to some reason, probably lack of necessary
libraries and/or headers.  Check the mkmf.log file for more details.  You may
need configuration options.

Provided configuration options:
        --with-opt-dir
        --with-opt-include
        --without-opt-include=${opt-dir}/include
        --with-opt-lib
        --without-opt-lib=${opt-dir}/lib
        --with-make-prog
        --without-make-prog
        --srcdir=.
        --curdir
        --ruby=/usr/local/Cellar/ruby/3.2.2_1/bin/$(RUBY_BASE_NAME)
/usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:490:in `try_do': The compiler failed to generate an executable file. (RuntimeError)
You have to install development tools first.

        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:583:in `try_link0'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:601:in `try_link'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:812:in `try_func'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:1116:in `block in have_func'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:989:in `block in checking_for'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:354:in `block (2 levels) in postpone'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:324:in `open'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:354:in `block in postpone'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:324:in `open'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:350:in `postpone'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:988:in `checking_for'
        from /usr/local/Cellar/ruby/3.2.2_1/lib/ruby/3.2.0/mkmf.rb:1115:in `have_func'
        from extconf.rb:31:in `<main>'

To see why this extension failed to compile, please check the mkmf.log which can be found here:

  /usr/local/lib/ruby/gems/3.2.0/extensions/x86_64-darwin-20/3.2.0/thrift-0.16.0/mkmf.log

extconf failed, exit code 1

Gem files will remain installed in /usr/local/lib/ruby/gems/3.2.0/gems/thrift-0.16.0 for inspection.
Results logged to /usr/local/lib/ruby/gems/3.2.0/extensions/x86_64-darwin-20/3.2.0/thrift-0.16.0/gem_make.out

It would be great if someone can help me out with this issue. Tried other solutions as well available on the internet but, it's not helping.