Riyadh – Mubasher: New recreational Saudi project Qiddiya is forecast to play major a role in raising the kingdom's income as it will be one a global entertainment destination, the project's CEO Michael Reininger stated on the sidelines of the third day of the Future Investment Initiative (FII).
"We’re basing the Qiddiya project on what we call the five cornerstones, [namely] parks and attractions, motion and mobility, nature and environment, sports and wellness, and culture, arts and education," Reininger added.
In April, King Salman bin Abdulaziz announced that that Kingdom will start establishing Qiddiya in the south west of Riyadh with an area of 334 kilometres.
The Qiddiya project, which is slated for completion by 2022, is expected to secure around $30 billion, which Saudis spend on tourism and entertainment abroad, according to Fahd bin Abdullah Tounsi who is an official in the project.
The country’s sovereign fund, the Public Investment Fund (PIF), will support the project, it said previously.
In May, Al-Qiddiya project indicated that it has been incorporated and registered as a closed joint-stock company called the Qiddiya Investment Company.
Organised by the PIF, the FII conference started in Riyadh on Tuesday, 23 October and ends on Thursday, 25 October.
In the first day of the investment event dubbed “Davos in the Desert”, the kingdom signed $50 billion in deals, of which $34 billion were signed by Saudi Aramco and included a deal with France's Total to establish a manufacturing complex.
