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

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.


Houthis threaten global energy security: Arab coalition

Updated 25 min 22 sec ago

Houthis threaten global energy security: Arab coalition

  • The Arab coalition denounced Saturday's attack on a Saudi Aramco gas plant
  • The Yemeni militant attack sparked a fire but caused no casualties or disruption to production

RIYADH: The Arab coalition fighting to restore the internationally recognized government in Yemen on Monday denounced a Houthi attack on a Saudi Aramco gas plant in Saudi Arabia.
The militants claimed 10 drones struck the Shaybah natural gas liquefaction plant near the border with the UAE on Saturday.
“The Houthi militia have endangered global energy security by targeting Shaybah oil field in Saudi Arabia,” spokesperson Col. Turki Al-Maliki said.
The militants, who are based in Yemen and backed by Iran, have used drones laden with explosives to target infrastructure in the Kingdom.
Speaking at a weekly press conference in Riyadh, Col. Al-Maliki said the that Houthi and Daesh militias are conducting simultaneous operations in Yemen, stressing that the Houthis, who sparked the Yemen war in 2014, continue to pose a clear threat in the southern Red Sea.
The coalition, which includes Saudi Arabia and the UAE, intervened in the Yemen conflict in 2015 to support forces loyal to the internationally recognized government after it was driven from the capital Sanaa by the Houthis.