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.


Saudi MERS outbreaks killed 23 over four months: WHO

Updated 38 min 42 sec ago
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Saudi MERS outbreaks killed 23 over four months: WHO

  • The latest figures take the number of confirmed cases to 2,220 since September 2012, including 1,844 from Saudi Arabia
  • The disease is hard to spot, partly because it often infects people with an underlying condition such as diabetes, renal failure or chronic lung disease

GENEVA: Outbreaks of the deadly Middle East Respiratory Syndrome (MERS) killed 23 people in Saudi Arabia between Jan. 21 and May 31 this year, the World Health Organization said on Monday.
The deaths were among 75 laboratory-confirmed cases of MERS coronavirus (MERS-CoV) during the period, the WHO said, and take the total number of deaths from the disease to 790 since it was first diagnosed in humans in 2012.
The latest figures take the number of confirmed cases to 2,220 since September 2012, including 1,844 from Saudi Arabia.
One outbreak in February hit a private hospital in Hafer Albatin region, where the patient passed the disease to three health workers. There was another cluster of six cases in a hospital in Riyadh in the same month, although no health care workers were infected.
Two other clusters affected households in Jeddah and Najran.
MERS-CoV is a member of a virus family ranging from the common cold to Severe Acute Respiratory Syndrome. It appears to have emerged in humans in Saudi Arabia in 2012, although it has been traced in camels, the source of the infection, back to at least 1983.
The disease is hard to spot, partly because it often infects people with an underlying condition such as diabetes, renal failure or chronic lung disease.
But it kills one in three sufferers, and hospital workers are at risk unless extreme caution is taken to identify MERS sufferers early and to protect health care workers from infection via airborne droplets such as from coughs and sneezes.
Susceptible people should avoid contact with suspected cases and with camels, and anyone who has contact with animals should wash their hands before and afterwards, the WHO said. Everyone should avoid drinking raw camel milk or camel urine, or eating undercooked meat.
Three MERS cases have been reported this year outside Saudi Arabia. Oman and the United Arab Emirates each reported a case, while in Malaysia a man fell ill after drinking unpasteurised camel milk during a pilgrimage to Saudi Arabia.