Riyadh – Mubasher: Saudi Arabia's King Salman bin Abdulaziz will launch on Wednesday the construction works of the entertainment city project in Qiddiya, southwest of Riyadh.
Spanning an area of 334 kilometres, the project will be a recreational, sport, and cultural destination in the kingdom, while its first phase is expected to be completed in 2022.
“The facility highlights a relentless effort to develop giga-projects that will help [to] achieve many direct and indirect economic returns", the project’s official Fahd bin Abdullah Tounsi said.
The Qiddiya project will save about $30 billion which Saudi citizens spend on tourist and recreation destinations abroad, Tounsi noted.
He further added that the saved amount will be allocated for developing the economy and create job opportunities for the Saudi youth.
“The project will draw foreign investors in entertainment and other sectors, but did not specify the total cost of construction,” Qiddiya project’s CEO Michael Reininger stated.
The project will be supported by the Saudi Public Investment Fund (PIF).
This project is considered part of Saudi Vision 2030 that includes carrying out various recreational investments in a bid to diversify the GCC nation’s economy far from oil revenues.
