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.


Sharqiah Season: What to expect this weekend?

Updated 46 min 19 sec ago
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Sharqiah Season: What to expect this weekend?

RIYADH: A bumper program of entertainment is being lined up in the Eastern Province for the biggest weekend yet of Sharqiah Season.

Concerts, a film festival, and a spectacular air race are just some of the events due to take place in the region as part of attractions for both Saudis and visitors to the Kingdom.

The action gets underway with the fifth annual Saudi Film Festival taking place from March 21 to 26 at the King Abdul Aziz Center for World Culture (Ithra) in Dhahran.

Organized by the Saudi Arabian Society for Culture and Arts (SASCA) in Dammam, in partnership with Ithra, the movie fest will honor Saudi and Gulf cinema figures and include 10 training workshops and 10 seminars.

The festival aims to promote opportunities for Saudi talent in the film industry and flicks from the UAE, Bahrain, Kuwait and Oman will be included among screenings.

All participating films will be shown during the event, and there will be a Golden Palm award for best documentary about a Saudi city and best poster (based on audience voting). A winners’ presentation will take place at the closing ceremony, after which the films will be screened at the Ithra center.

Tickets can be purchased via Ithra’s website, with options for single-day, four-day, and VIP passes.

Meanwhile, the long-awaited Red Bull Air Race demo comes to Dammam from March 21 to 23. The event, organized along with the General Sports Authority, will provide spectators with a warm-up taster for the Red Bull Air Race World Championship 2019 season finale, to be held in Saudi Arabia in November.

The air-racing competition, developed in 2003 and accredited by the Fédération Aéronautique Internationale (FAI), is billed as “the most advanced aerial challenge in existence.”

Using the fastest, most agile, high-performance race planes, pilots fly just meters from the ground and against the clock to complete an obstacle course full of twists and turns. The air spectacular takes off at Dammam Corniche between 1 p.m. and 6 p.m.

Saturday will also see the highly anticipated Color Run come to the South Alkhobar Corniche. The 5-km dash involves participants being doused with colored powder at the end of every kilometer. Runners start dressed all in white and emerge at the end of the run covered in the colors of the General Entertainment Authority’s logo.

The untimed run takes place between 5 a.m. and noon and rest areas offering refreshments and entertainment will be available between stops.

For concert fans the Asharqiah Music Festival will feature performances by major names at Dammam’s Life Park. US rapper Pitbull and Canadian DJ Deadmau5 will take to the stage on March 21, and March 22 will witness performances by Egyptian vocalist Amr Diab, US-Moroccan rapper French Montana, and American singer Akon.

Lovers of regional music are not left out, with appearances by Assala Nasri and Mutrif Al-Mutrif on March 22, and Nabil Shuail and Hatem Al-Iraqi on March 23, all at the Prince Faisal Bin Fahd Center in Al-Qatif.

Sharqiah Season, the first of 11 Saudi seasons of entertainment planned for 2019, will run until the end of the month with more than 83 different events scheduled across nine cities in the region.