Saudi King to inaugurate 334sqkm Qiddiya entertainment city
A foundation stone ceremony marking the launch of the project's infrastructure will be held on 25 April, 2018, with Phase 1's completion due in 2022
Saudi Arabia's 334km2 Qiddiya entertainment city will be inaugurated tomorrow, with Phase 1 of the development set to complete in 2022.
The project will be built in Al-Qiddiya, which is located 40km west of Saudi's capital city, Riyadh.
A foundation stone ceremony marking the launch of the project's infrastructure will be held on 25 April, 2018, with project inauguration to be carried out by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud.
Local and international officials, as well as investors and foreign and international company representatives, are expected to attend the ceremony, according to a statement by the Saudi government.
Commenting on the project, Dr Fahd bin Abdullah Tounsi, secretary general of the Foundation Council of Qiddiya Project at the Public Investment Fund (PIF), said the development underscores the kingdom's "relentless efforts to develop megaprojects" that will contribute to the achievement of economic returns.
He added: "About two-thirds of the kingdom's population is under the age of 35. There is a great need for the Qiddiya Project to provide them with entertainment.
"The project will save about $30bn (SAR112.5bn), which will be used to develop the domestic economy and create new job opportunities for Saudi youth."
Michael Reininger, chief executive officer of Qiddiya, added: "We are delighted to be a key contributor to boosting the kingdom's economic development and investment, not only to the entertainment industry, but also to projects that will develop the capabilities of young Saudi people."