Qiddiya Investment Company officially established as standalone company

Saudi Arabia’s Qiddiya Project near Riyadh is part of a series of multi-billion dollar projects as the Kingdom seeks to diversify. (SPA)
Updated 21 May 2018
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Qiddiya Investment Company officially established as standalone company

  • The Public Investment Fund has announced Qiddiya as one of three giga-projects and part of Saudi’s Vision 2030
  • Covering 334 square kilometers – 2.5 times the size of Walt Disney World – Qiddiya will shape Saudi Arabia’s multi-sector economy

RIYADH: Qiddiya, the entertainment, sport and cultural destination being built 40 kilometers outside Riyadh, has officially been incorporated as a standalone company as the Qiddiya Investment Company (QIC).
The move cements 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 Arabian law.
The project was announced by Crown Prince Mohammed bin Salman on April 7, 2017.
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 Saudi Arabia’s multi-sector economy, help secure sustainable growth and improve the quality of services to citizens.
By providing a world-class entertainment option inside the Kingdom, QIC will allow the domestic economy to recapture a market share of the $30 billion spent annually by Saudis on foreign tourism. These funds will remain in the Kingdom to be reinvested for the benefit of citizens.
“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,” said Michael Reininger, CEO for Qiddiya.
“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 40 kilometers 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,” he said.
The ground-breaking ceremony was on 28th April, 2018, an event attended by King Salman and Crown Prince Mohammad bin Salman.


Treasures of Saudi Arabia’s National Museum visit Riyadh Park Mall

Updated 20 min 35 sec ago
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Treasures of Saudi Arabia’s National Museum visit Riyadh Park Mall

  • The public were educated about the history of the artifacts from the museum

RIYADH: The National Museum organized a social experiment in one of Riyadh’s malls to celebrate International Museum Day.

It introduced artifacts to the public in Riyadh Park Mall through people dressed in costumes inspired by the museum’s treasures.

They interacted with the audience, taught them about the history behind each artifact, and handed out free tickets to the museum, which organized the activity to raise its profile and allow free access to its exhibits.

This year’s celebration was titled “Museums as cultural centers: The future of traditions.” It aims to improve the relationship between society and modern museums, and to note their contributions to culture, knowledge and science.

Recently, the Saudi Commission for Tourism and National Heritage (SCTH) granted five new licenses to the private museums in Riyadh, which will take the total number of museums in the region’s towns, cities and governorates to 50.

Two of the new museums approved by the commission, Riwaq Al-Turath Museum in Riyadh and Moudi Al-Asimi Museum in Al-Dawadmi governorate, are owned by women.

Other licenses go to the Majid Heritage Museum in Rawdat Sadir, the Khalid Al-Radian Heritage Museum in Riyadh, and the Qararah Museum in Al-Dawadmi.

The International Museum Day is observed every year on May 18 in coordination with the International Council of Museums (ICoM) to highlight a specific theme.

The annual celebrations were first initiated in 1977, when ICoM decided to devote a special day for museums in an attempt to enhance the relationship between museums and society.