Incorporation is a crucial milestone in the destination’s progress.
Qiddiya, the entertainment, sports and cultural destination being built 40km outside Riyadh, has officially been incorporated as a standalone company, the Qiddiya Investment Company (QIC), cementing another key component in its progress toward phase one of completion, scheduled for 2022.
On the heels of the official Qiddiya Ground-breaking Ceremony last month, the Saudi Ministry of Commerce and Investment has officially incorporated and registered the project as a closed joint-stock company, wholly owned by the Kingdom’s Public Investment Fund (PIF) and subject to Saudi law.
The project was announced by Crown Prince Mohammad bin Salman bin Abdulaziz, Deputy Prime Minister, Minister of Defense and Chairman of the Public Investment Fund, on 7th April, 2017. Located just 30 minutes from the capital, Riyadh, the project broke ground on 28th April and phase one is set to open in 2022.
The Public Investment Fund has announced Qiddiya as one of three giga-projects and part of Saudi’s Vision 2030 to create a vibrant society, a thriving economy, and an ambitious nation. Covering 334 square kilometers – 2.5 times the size of Walt Disney World – Qiddiya will shape tomorrow’s multi-sector economy, help secure sustainable growth and improve the quality of services to citizens.
Qiddiya will anchor the epicenter of an entirely new economic sector in Saudi that will support the emergence of supplementary sectors and services as it develops. And, by providing a world-class entertainment option inside the Kingdom, QIC will allow the domestic economy to recapture the thirty billion dollars spent annually by Saudis on foreign tourism. These funds will remain in the Kingdom to be reinvested for the benefit of citizens.
The Qiddiya Investment Company was incorporated on 10th May 2018 and will drive the development of Qiddiya, the Kingdom of Saudi Arabia’s pre-eminent entertainment destination, home of inspiration, discovery, and engagement.
Backed by the Saudi Public Investment Fund, Qiddiya is a transformational project that will be built 40km from downtown Riyadh, with a total area of 334 sq. km.
Visitors will have access to more than 300 ground-breaking recreational and educational facilities across five innovatively designed pillars focusing on: high-end theme parks, water and snow-based activities; numerous sports arenas capable of hosting international competitions and world-class training facilities and academies; desert and asphalt tracks for motorsport enthusiasts; outdoor and adventure activities alongside nature and animal experiences; and an array of historical, cultural and educational activities and events. There will also be a range of real estate options and community services.
A core element of the Kingdom’s Vision 2030, Qiddiya will unlock tremendous opportunity, enabling economic diversification, while enhancing the quality of life for Saudi citizens.
Twitter: @Qiddiya
Source: CIC
