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.


Saudi Arabia wins praise for showcasing ancient cultural heritage

Updated 37 min 44 sec ago

Saudi Arabia wins praise for showcasing ancient cultural heritage

  • It has introduced Saudi and Arab heritage to more than 5 million people across the world

RIYADH: Alessandra Capodiferro, director of the National Roman Museum, on Monday, expressed pride that her museum was hosting the exhibition “Roads of Arabia: Masterpieces of Antiquities in Saudi Arabia Across the Ages.”

The exhibition, which was inaugurated by Saudi Culture Minister Prince Badr bin Abdullah on Nov. 26, has already been hosted by a number of prominent international museums.

Capodiferro praised the international reputation achieved by the exhibition, which features many important artifacts, including hunting gear, weapons, jewelry, utensils made from precious metals, glass, alabaster, ceramics, sculptures and wall paintings — all of which are an expression of local production, trade exchange and cultural contact.

She said that the most important achievements of the research conducted in the Kingdom over the decades by Saudi specialists and archeological missions, including those headed by Italian teams, revealed the rich history of the Arabian Peninsula mentioned in ancient literature. Excavations conducted on these missions have led to the discovery of a significant number of artifacts dating back to several epochs — prehistoric, ancient, Roman Imperial and late antiquity.

The exhibition highlights the successive civilizations of the Arabian Peninsula, and provides examples of cultural interaction between Arab and Roman civilizations. It will continue for three months in Rome, its 17th station. Hosted in the most prominent international museums in European, American and Asian cities, it has introduced Saudi and Arab heritage to more than 5 million international visitors.