New board of directors for Saudi Arabia’s Qiddiya Investment Co.

Crown Prince Mohammed bin Salman will head the new Qiddiya board. (SPA/File photo)
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Updated 14 December 2019

New board of directors for Saudi Arabia’s Qiddiya Investment Co.

  • The PIF launched the Qiddiya project as an entertainment, sports and arts destination with more than 300 facilities

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.”


KSRelief dispatches help for Lebanese medical teams treating explosion victims 

Updated 48 sec ago

KSRelief dispatches help for Lebanese medical teams treating explosion victims 

RIYADH: The King Salman Humanitarian Aid and Relief Center (KSRelief) has assisted Lebanese medical teams treating victims of the Beirut explosion on Tuesday.

Emergency teams from the Souboul Al Salam Relief Team, which is funded by KSRelief, went from north of Lebanon to Beirut to support medical teams on the ground. 

Another team from Al-Amal Medical Center, also funded by KSRelief, provided emergency health care services and started a blood donation campaign to meet the demand of Beirut hospitals.

The prime minister of Lebanon, which is already struggling with an economic crisis and battling COVID-19, has made a desperate plea for help following Tuesday’s deadly explosions.
Kuwait said it has delivered medical aid and other essentials by a military plane on Wednesday morning.
The World Health Organization and the International Federation of Red Cross and Red Crescent Societies were sending 40 tonnes of medical supplies, including personal protective equipment to Beirut on a flight paid for by Dubai-based International Humanitarian City, a hub for humanitarian emergency preparedness and response, a WHO representative said.
"We are offering medical trauma kits and surgical kits containing things such as syringes, bandages and surgical gowns," said Nevien Attalla, operations manager for the WHO's Dubai hub.

*With agencies