Saudi Arabia’s King Salman will patronize the launch of Qiddiya Project

Qiddiya is the first integrated cultural sports entertainment destination of its kind in Saudi Arabia and will include 6 integrated sectors covering more than 300 diverse activities. (Photo courtesy of Al-Eqtisadiah)
Updated 24 April 2018
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Saudi Arabia’s King Salman will patronize the launch of Qiddiya Project

  • Qiddiya Project is the new entertainment, sports and cultural destination in the Kingdom
  • The first phase will be completed by 2022

RIYADH: Saudi King Salman will launch the construction of an “entertainment city” near Riyadh Saturday, authorities said, part of a series of multi-billion dollar projects as the Kingdom seeks to diversity its oil-reliant economy.
The 334-square kilometer project in Qiddiya, southwest of Riyadh, would rival Walt Disney and include high-end theme parks, motor sport facilities and a safari park, officials say.
The facility highlights a “relentless effort to develop giga-projects that will help achieve many direct and indirect economic returns,” project official Fahd bin Abdullah Tounsi was quoted as saying in a government statement on Monday.
Qiddiya chief executive Michael Reininger said he expects the project will draw foreign investors in entertainment and other sectors, but did not specify the total cost of construction.
Such projects are the brainchild of Crown Prince Mohammed bin Salman, a self-styled liberal change agent who is the chief architect of the sweeping “Vision 2030” reform program.
Saudi Arabia has dazzled investors with several plans for hi-tech “giga projects,” funded in part by its sovereign wealth fund, but some skeptics question their viability in an era of cheap oil.
The Kingdom has unveiled blueprints to build NEOM, a mega project billed as a regional Silicon Valley, in addition to the Red Sea project, a reef-fringed resort destination — both worth hundreds of billions of dollars.
Analysts say the projects could create funding pressures at a time when the government faces a yawning budget deficit and growth in the Kingdom’s non-oil economy is only slowly gathering pace.
The reform stems partly from an economic motive to boost domestic spending on entertainment as the Kingdom has been reeling from an oil slump since 2014.
Saudis currently splurge billions of dollars annually to see films and visit amusement parks in neighboring tourist hubs like Dubai and Bahrain.
In February, Saudi Arabia’s General Entertainment Authority (GEA) announced it will stage more than 5,000 festivals and concerts in 2018, double the number of last year, and pump $64 billion in the sector in the coming decade.


Two Holy Mosques program receives international award

The Two Holy Mosques program has received the Sharjah International Cultural Heritage award for its achievements. (SPA)
Updated 51 min 14 sec ago
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Two Holy Mosques program receives international award

  • The state adopted the program presented by the SCTH four years ago
  • King Salman’s initiative to care for cultural heritage is one of the outputs presented by the SCTH

RIYADH: The Two Holy Mosques program to care for the Kingdom’s cultural heritage has received the Sharjah International Cultural Heritage award for its achievements.
It was described as an unprecedented national program sponsoring projects and efforts related to all aspects of national heritage.
King Salman’s initiative to care for cultural heritage is one of the outputs presented by the SCTH, sponsored and financed by the country, and it is being carried out as part of the important initiatives of Saudi Vision 2030 with more than SR5 billion ($1.3 billion) allocated in the current phase. The initiative includes 10 courses, each under implementation consisting of a number of main projects that amount to more than 330 in total.
The state adopted the program presented by the SCTH four years ago and financed within the National Transformation Program with more than SR4 billion ($1 billion).
The program includes the establishment of 18 museums in the Kingdom, 80 heritage sites and opening them to visitors, the restoration of 18 villages and traditional towns to visitors.