RIYADH: The Saudi Public Investment Fund (PIF) has approved a new board of directors for Qiddiya Investment Co. (QIC).
Crown Prince Mohammed bin Salman will head the new board.
It consists of Prince Abdul Aziz bin Turki Al-Faisal, Prince Turki bin Hathloul bin Abdul Aziz, Prince Badr bin Abdullah bin Farhan, Majid bin Abdullah Al-Hogail, Ahmed bin Aqeel Al-Khatib, Eng. Ibrahim bin Mohammed Al-Sultan, Fahd bin Abdulmohsen Al-Rasheed, Eng. Faisal Bafarat, and Dr. Rakan Al-Harthy.
The PIF launched the Qiddiya project as an entertainment, sports and arts destination with more than 300 facilities particularly aimed at Saudi youth.
It will occupy an area of 334 square kilometers west of Riyadh.
The PIF hopes it will contribute to diversifying the Saudi economy, in line with Saudi Vision 2030.
In 2017, the PIF announced its 2018-2020 program — one of 12 programs designed to help achieve Saudi Vision 2030 — outlining its plans to contribute to the diversification of the economy and transform the Kingdom into a hub for international investment by next year.
The goal was to raise the value of its managed assets to over $400 billion by 2020.
The PIF is the Kingdom’s main investment arm, and its goal is to become one of the largest and most influential sovereign wealth funds in the world.
To achieve that, it is, according to a statement, “working to establish a diversified portfolio in accordance with the highest international standards by investing in attractive and long-term opportunities in various sectors and assets locally and internationally.”
It invests in four main areas: Saudi companies, real estate, Saudi mega-projects, and “promising sectors.”