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Saudi Arabia incorporates Qiddiya as standalone company

Wholly owned by the kingdom’s Public Investment Fund, Qiddiya Investment Company will oversee the development of the entertainment destination that broke ground in April

Qiddiya broke ground in April 2018 [image: SPA].
Qiddiya broke ground in April 2018 [image: SPA].

Saudi Arabia’s Ministry of Commerce and Investment has officially incorporated and registered the Qiddiya project as a closed joint-stock company, it has been revealed.

Wholly owned by the kingdom’s Public Investment Fund (PIF) and subject to Saudi law, Qiddiya Investment Company (QIC) will oversee the development of the entertainment, sports, and cultural destination, which broke ground in April 2018.

Located 40km outside of Riyadh, Qiddiya is expected to complete its first phase in 2022. The 334km2 project will be 100 times the size of Central Park upon completion, and is expected to attract 17 million visitors by 2030. 

Qiddiya chief executive officer, Michael Reininger, commented: “Incorporation is a key milestone as we move from planning to performance.

“As a fully independent entity, we will draft our own budget and re-commit ourselves to our responsibilities, as we move forward with this project that has the potential to enrich the lives of all Saudis.”

He added: “This step brings us closer to the day when we can satisfy the demand of a powerful and untapped Saudi market for new and accessible activities.

“It is for these future visitors – the nearly two thirds of the Kingdom’s population under 35, the more than 7 million people who reside within 40km of our location on the doorstep of Riyadh – that we at Qiddiya Investment Company aspire to build a better future filled with culture, sports, entertainment, and opportunity.”

The Qiddiya development will feature amusement parks, game cities, racing fields, and safaris, as well as toy cities, training academies, desert and asphalt tracks for motor sports enthusiasts, water and snow recreation activities, and safari and nature experiences, among other facilities. It will also include shopping centres, restaurants, cafés, hotels, and real estate projects, BNA reported.

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Construction Week - Issue 745
Jun 30, 2019