Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
Qiddiya is one of several large-scale entertainment projects in the Kingdom, dubbed the ‘capital of entertainment, sports, and the Arts.’ there is no doubting its importance as one of the cornerstones of the sector. (Supplied)
Short Url
Updated 04 August 2024
Follow

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
  • Theme park has huge ‘disruptive potential’ across global industry

RIYADH: The cultural landscape of Saudi Arabia is being enriched as the entertainment sector undergoes significant expansion.

The ambitious Saudi Vision 2030, which strives to diversify the economy and increase global engagement, is the driving force behind this broader cultural transformation.

One prime example of the Kingdom’s initiatives aimed at propelling the entertainment sector is the Qiddiya giga-project.

Launched in 2018 under the leadership of King Salman bin Abdulaziz, Qiddiya is an emerging capital for entertainment, sports and culture that aims to build destinations, programs and initiatives based on the power of play that will enhance the quality of life of visitors and residents.

Qiddiya’s role in propelling the Kingdom’s entertainment sector

Qiddiya is just one of several large-scale entertainment projects in the Kingdom but, dubbed the “Capital of Entertainment, Sports, and the Arts,” there is no doubting its importance as one of the cornerstones of the sector.

Canadian company AtkinsRéalis is the lead design consultancy for the project, and the firm’s Global Director of Creative, Theming and Show Design Bradley Caruk set out his vision for Qiddiya to  Arab News.

“Having worked in the global entertainment industry for the past 25 years, I have learnt we are all the same. Everyone wants to have fun. With major innovative parks like Six Flags Qiddiya City, we have the unexpected – a fully immersive story-driven theme park experience,” he said.

Caruk added that the attraction will have “the world’s tallest, longest, fastest rides”, and said: “We even support the storyline further by including original music compositions.”

Sector expert Jamie Ryder, a partner at Entertainment & Media Industry Group at law firm Reed Smith, told Arab News that Qiddiya has a huge amount of “disruptive potential.”




Jamie Ryder

He said: “In terms of Qiddiya’s disruptive potential, this is immediately clear when considering the sheer scale of the development.  When complete, Qiddiya will be home to over 600,000 residents and aims to attract 48 million visits per year.”

Ryder continued: “In addition to the specific, innovative – and in the case of Dragon Ball theme park – world’s first attractions Qiddiya will host, the focus on ‘play’ throughout the development, and the ability to host major sporting and entertainment events in cutting edge venues means that Qiddiya’s disruptive potential is significant.”

Partnerships that Qiddiya has established with local or international entities

Of those collaborations and partnerships that have been announced so far, it is very easy to quickly see the alignment with various elements of the Vision 2030 as well as reflecting the fact that Saudi society is a young, connected and vibrant population.

Ryder highlighted the Dragon Ball theme park – based on the popular Japanese animated series – as something that will appeal directly to young people in the Kingdom and beyond.

“Anime is incredibly popular in KSA with Saudi reported as having the largest share of anime viewers worldwide,” he said, adding: “With the UAE second in the world rankings for anime viewership, this promises to be a popular attraction enticing tourists from across the region.”

Ryder also cited the Six Flags theme park being the first outside of the Americas appealing to both Saudi youth and visitors.

He said one of the jewels in the crown of Qiddiya will be the Speed Park Track, which garnered significant attention in the motor racing world when the design was unveiled. The attraction comes as the popularity of Formula 1 in the region grows.

“Add to this mix the cutting-edge mixed-use Prince Mohammed Bin Salman Stadium, and dedicated gaming and esports neighborhood, and it is clear to see how Qiddiya will offer world-class attractions and experiences to locals and tourists,” he said

Firms’ roles in supporting the Saudi’s vision of developing a world-class entertainment experience

Several firms in the industry recognize Saudi Arabia’s vision of developing top attractions and world-class entertainment destinations in line with the high bar set from the big parks that have been around for over 50 years.

From AtkinsRéalis point of view, Caruk emphasized that the company’s multi-disciplinary teams understand guests’ expectations and work towards exceeding those expectations.

“We work as one team, but there are hundreds of us taking a concept and turning it into a reality – all with a common goal to make experiences memorable and timely,” he said.

“When we hear the phrase ‘That was awesome, can we go back there again’ that’s when we know we’ve done something right. Nothing like witnessing guests leaving our designed theme park with a sense of awe and a desire to return. We expect to hear a lot of these reactions in the years to come,” Caruk added.




Bradley Caruk

He was keen to emphasize the pride his firm has in working on the project, saying: “Our commitment to Saudi’s Vision 2030 is unwavering, and we value our partnership with Qiddiya, where we contribute to creating unparalleled fun.”

Qiddiya’s alignment with the Saudi Vision 2030

There is no doubt that Qiddiya plays a major role in Saudi Arabia’s 2030 vision, aiming to become a leading destination for entertainment, work, sports and daily life.   

While economic diversification is at the heart of Vision 2030, promoting culture and entertainment in the Kingdom was included as one of the key goals for Vision 2030 when it was first announced in 2016.

A vibrant society, thriving economy, and an ambitious nation are three key pillars of the Vision.

From Reed Smith’s viewpoint, Ryder said: “As such, the role of Qiddiya is not just about economic diversification but, like so many of the projects in KSA, it is about enhancing the quality of life for Saudi citizens and tourists alike with Quality of Life also being one of the Vision 2023 key Vision Realization Programs.”

He added: “The Quality of Life VRP was launched in 2018 with the aim of transforming Saudi Arabia into a world-renowned sports and entertainment location, and a global tourism hotspot and there can be little doubt that Qiddiya is a key element of this program.”

From AtkinsRéalis’ perspective, Caruk believes Qiddiya City will be a “premier destination” for play, adding: “It has something for everyone – a rarity in this region. The complexity and diversity of experiences across the whole development are truly remarkable and will also set a precedent for future developments across the globe”.

He went on: “Today, entertainment is a multi-billion-dollar industry and Qiddiya will play a major role in helping realize people’s dreams. At AtkinsRéalis, we feel fortunate to be hands-on and part of this groundbreaking project.”


US Senate Republicans pass measure to move forward on Trump’s tax cuts

US Senate Republicans pass measure to move forward on Trump’s tax cuts
Updated 05 April 2025
Follow

US Senate Republicans pass measure to move forward on Trump’s tax cuts

US Senate Republicans pass measure to move forward on Trump’s tax cuts
  • House Republicans now must weigh Senate’s work
  • Plunging stock market hovers over fiscal outlook

WASHINGTON: The US Senate approved a Republican budget blueprint early on Saturday that aims to extend trillions of dollars worth of President Donald Trump’s 2017 tax cuts and sharply reduce government spending.
The 51-48 vote, following a late-night legislative session, unlocks a maneuver called budget reconciliation that will allow Republicans to bypass the Senate’s filibuster — a rule that imposes a 60-vote threshold on most legislation — and pass Trump’s tax, border security and military priorities later this year without Democratic votes.
“Tonight, the Senate took one small step toward reconciliation and one giant leap toward making the tax cuts permanent, securing the border, providing much-needed help for the military and finally cutting wasteful Washington spending,” Senate Budget Committee Chairman Lindsey Graham said.
Two Republicans — Senators Susan Collins and Rand Paul — joined Democrats in opposing the measure.
The Senate’s action sent the measure on to the Republican-led House of Representatives, which is expected to take it up next week.
Non-partisan analysts say the Trump agenda, if enacted, would add about $5.7 trillion to the federal government’s debt over the next decade. Senate Republicans contend the cost is $1.5 trillion, saying that the effects of extending existing tax policy that was scheduled to expire at the end of this year should not be counted in the measure’s cost.
The measure also aims to raise the federal government’s debt ceiling by $5 trillion, a move Congress has to make by summer or risk defaulting on $36.6 trillion in debt. It aims to partly offset the deficit-raising costs of tax cuts by cutting spending. Democrats have warned that Republican targets would imperil the Medicaid health insurance program for low-income Americans.
Republicans warned that allowing the 2017 tax cuts to expire would hit Americans hard, imposing a 22 percent tax hike on the average taxpayer. The cuts, Trump’s signature legislative achievement of his first term, reduced the top corporate tax rate to 21 percent from 35 percent, a move that is not set to expire.
The remainder of the cuts, for individual Americans, were set to expire, a decision made to limit the 2017 bill’s deficit-raising effects.
“Donald Trump has betrayed the American people. Tonight, Senate Republicans joined him in that betrayal. In voting for this bill, Senate Republicans sided with billionaires against the middle class, in total obeisance to Donald Trump,” Senate Democratic leader Chuck Schumer of New York said after the vote.

BRUTAL SELL-OFF
Hanging over the debate, which began late on Thursday, was a brutal stock market sell-off following Trump’s sweeping new trade tariffs, which economists warned will drive up prices and could trigger a recession.
Some Republicans said economic uncertainty could slow the path forward for Trump’s agenda if market weakness continues.
“My concern is, if we are having the kind of conversation today three weeks from now, then the distraction will be so great that it will slow down what we try to do,” Republican Senator Thom Tillis told reporters.
During a six-hour “vote-a-rama” session to consider amendments, Senate Republicans altered the blueprint to add a deficit-neutral reserve fund to help protect Medicaid and the Medicare health care program for the elderly.
Republicans also turned away dozens of Democratic amendments aimed at rescinding Trump trade tariffs and protecting Medicaid, Medicare, nutrition support for low-income women and children, the Social Security retirement system, veterans benefits and other government assistance.
Republican Senators Lisa Murkowski, Josh Hawley and Collins backed Democratic measures to safeguard social safety-net programs, but their support was not enough.
If House Republicans get their way, Congress could enact $2 trillion in spending cuts by overhauling Medicaid and food assistance programs and by eliminating popular environmental policies.
The budget blueprint would also make room for tighter security measures along the US border with Mexico, fund administration efforts to significantly ramp up immigrant deportations and bolster US military readiness. 


Saudi banks extend $2.4bn in home loans in Feb.; demand broadens across nationals and expats

Saudi banks extend $2.4bn in home loans in Feb.; demand broadens across nationals and expats
Updated 04 April 2025
Follow

Saudi banks extend $2.4bn in home loans in Feb.; demand broadens across nationals and expats

Saudi banks extend $2.4bn in home loans in Feb.; demand broadens across nationals and expats

RIYADH: Saudi Arabia’s banks issued SR8.91 billion ($2.37 billion) in new residential mortgages to individuals in February — a 28.33 percent annual increase, according to official data.

Figures from the Saudi Central Bank, also known as SAMA, show that apartment lending recorded the highest growth during this period, rising by 46.45 percent to SR2.9 billion.

While houses continue to dominate residential real estate financing with a 62.6 percent share, this is down from 65.24 percent in February 2024 as demand gradually shifts toward apartments.

House loans posted strong growth of 23.05 percent, reaching SR5.57 billion, yet land financing stayed modest at SR436 million, with a minimal increase of 0.61 percent.

This momentum comes as Saudi Arabia pushes toward its Vision 2030 target of achieving 70 percent home ownership.

Demand is being fueled by citizens and a growing expatriate population. A March report by Knight Frank revealed that 72 percent of Saudis and expats aspire to own homes, with the figure soaring to 93 percent among high-income citizens earning more than SR50,000 per month. Among expats, 77 percent now express a desire to buy property in the Kingdom.

Despite the strong demand, affordability remains a challenge, according to Knight Frank — particularly in cities such as Riyadh, where apartment prices have climbed 75 percent since 2019 and villa prices are up 40 percent.

To address this, Saudi authorities are rolling out a wave of regulatory and urban planning reforms. In March, the Royal Commission for Riyadh City and the Council of Economic and Development Affairs unveiled initiatives aimed at stabilizing prices and expanding access to homeownership.

These include lifting restrictions on land transactions and development in key zones of northern Riyadh, unlocking 81.5 sq. km of land for new housing and commercial projects.

At the time, Finance Minister Mohammed Al-Jadaan said the move was expected to reduce price volatility, with new plots priced at no more than SR1,500 per sq. meter and made available to Saudi citizens over the age of 25.

As part of its broader Vision 2030 strategy, Saudi Arabia has also been liberalizing real estate laws to attract more foreign investment, especially in fast-growing sectors such as tourism, housing, and special economic zones.

In 2024, officials confirmed that new regulations are underway to expand foreign ownership rights in strategic projects such as NEOM and the Red Sea.

While foreigners can already own residential property in specific zones and access 99-year leases according to the Real Estate Saudi platform, most residential mortgages are concentrated among Saudi nationals, supported by programs like Sakani and Dhamanat.

​Foreign investment in Saudi Arabia’s commercial real estate sector is subject to specific regulations and approval processes. Foreign investors are llowed to own real estate necessary for conducting their licensed business activities, including property for offices and employee accommodation, provided they obtain the requisite approval from the Ministry of Investment.

Additionally, for real estate intended for investment purposes — such as buying, selling, or leasing — the investment must meet a minimum threshold of SR30 million, with a commitment to develop the property within five years, according to the Saudi Embassy website in the US.

These measures ensure that foreign investments align with Saudi Arabia’s broader economic objectives and development plans.


Lebanon central bank must counter money laundering and terrorist financing, new governor says

Lebanon central bank must counter money laundering and terrorist financing, new governor says
Updated 04 April 2025
Follow

Lebanon central bank must counter money laundering and terrorist financing, new governor says

Lebanon central bank must counter money laundering and terrorist financing, new governor says

BEIRUT: Lebanon’s central bank must focus on fighting money laundering and terrorist financing, its newly appointed governor said on Friday, as he began the job of salvaging the fragile banking sector and getting it off a global watchdog’s “grey list.”

The Financial Action Task Force placed Lebanon on its list of countries requiring special scrutiny last year in a move many have worried could discourage the foreign investment it needs to recover from a 2019 financial crisis that is still felt today.

Terrorist financing and money laundering are top concerns for the US, which wants to prevent Hezbollah from using the Lebanese financial system and cash flows through the country to re-establish itself.

Karim Souaid, who was appointed last week, listed his main priorities during his official handover with the outgoing acting central bank governor who preceded him.

“The most important of these are combating money laundering and terrorist financing, and identifying and disclosing politically and financially influential individuals, their relatives, and those associated with them,” he said.

Souaid replaces interim chief Wassim Mansouri, who has been overseeing the bank since long-serving governor Riad Salameh’s tenure ended in disgrace in 2023 due to the financial implosion and accusations of embezzlement, which Salameh denies.

Triggered by widespread corruption and profligate spending by the ruling class, the financial crisis in Lebanon brought the banking system to a standstill, creating an estimated $72 billion in losses.

Souaid said the central bank would work to reschedule public debt and pay back depositors, while calling upon private banks to gradually raise their capital by injecting fresh funds.

Those banks unable or unwilling to do so, should look to merge with other institutions. Otherwise, they would be liquidated in an orderly manner, with their licenses revoked and depositors’ rights protected, he said.

Souaid also pledged to safeguard the central bank’s independence from political pressure and prevent conflicts of interest.

“I will ensure that this national institution remains independent in its decision-making, shielded from interference, and grounded in the core principles of transparency and integrity,” he said. 


Office returns: Up to 59% of firms to increase investment in workplace fit-outs by 2030, says JLL 

Office returns: Up to 59% of firms to increase investment in workplace fit-outs by 2030, says JLL 
Updated 04 April 2025
Follow

Office returns: Up to 59% of firms to increase investment in workplace fit-outs by 2030, says JLL 

Office returns: Up to 59% of firms to increase investment in workplace fit-outs by 2030, says JLL 

RIYADH: The global office sector is rebounding as companies scale back hybrid employment options, increasing demand for workspaces, a new survey shows.

The study by JLL, featured in the Global Office Fit-Out Costs Guide 2025, reveals that 59 percent of organizations are increasing investments in design and fit-outs. 

The report, which analyzes data from 68 cities across 40 countries, also highlights that office fit-out costs have risen in the past 12 months across all regions surveyed, with varying degrees of increase.

According to JLL, as in previous years, the highest fit-out costs are found in the US, Canada, and the UK, as well as Switzerland, Saudi Arabia, and the UAE.

Singapore and Japan also feature high in the list.

This correlates with the global office spaces market, which was valued at $3.1 trillion in 2022 and is projected to grow to $4.9 trillion by 2032. According to Allied Market Research, this represents a compound annual growth rate of 4.6 percent.

It also aligns with the growth of the office space market fueled by a rise in infrastructure projects for the commercial sector, including the development of new office buildings, business parks, and the renovation of workplaces in urban areas.

In a statement reflecting on the study, JLL’s CEO of Project and Development Services at Work Dynamics Cynthia Kantor said: “Five years following the start of the global pandemic, we continue to see the evolution and growing momentum toward the office sector.”

The JLL analysis further highlighted that multinational corporations must understand regional disparities in office fit-out costs to inform strategic planning.

Regionally, North America commands the highest office fit-out premium, with an average cost of 3,070 per sq. meter, well above the global average of 1,830 per sq. meter.

In Latin America, the average cost is 1,790, while in Europe, the Middle East, and Africa, the average price is 1,970. The Asia Pacific region offers the lowest average fit-out cost at $1,460.

Significant variations in office fit-out costs also exist between major urban areas. US cities lead the top 20 municipalities with the highest office fit-out costs, alongside prominent locations like Vancouver, Tokyo, London, and Dubai.

Fast-growing cities in India, South Africa, Vietnam, and China offer some of the lowest fit-out costs despite the fact they are seeing rapid construction growth and an evolving cost landscape.

Macro-economic impacts

The JLL report further sheds light on how, in the markets evaluated, increases in fit-out costs over the past 12 months were primarily driven by inflation, rising material costs, and currency fluctuations. 

Additionally, 75 percent of the markets saw a rise in raw material prices, while 50 percent experienced labor shortages that contributed to higher construction costs.

“Organizations need to factor in these potential cost factors throughout global construction when developing their fit-out budgets,” the JLL statement said.

It added that builder works or construction account for the largest component of fit-out costs  — 37 percent —  in all regions except Latin America. 

These costs can be most susceptible to raw material prices and supply chain risks. Mechanical and electrical expenses account for the second-largest cost, varying from 20 percent to 45 percent.

Sustainability continues to fuel growing demand

The study by JLL explains that as interest in healthier, energy-efficient workspaces surges and supply struggles to meet demand, the need for sustainable fit-outs is growing.

According to the survey, 60 percent of markets have seen a rise in client inquiries for more sustainable fit-outs over the past year.

This aligns with recent JLL Future of Work research, which revealed that 66.66 percent of organizations worldwide plan to increase their investment in sustainability over the next five years.

“A large part of sustainable fit-out costs are dedicated to mechanical and electrical services, which, across all countries, were found to account for an average of 29 percent of total fit-out expenses, with some regions reporting 40-50 percent of costs,” the JLL report said.

“However, these upfront costs are often where the greatest long-term cost efficiencies can be found, as research has also shown that investing in upgrades to M&E services can save between 10 percent - 40 percent on operational energy costs, depending on the level of investment and upgrade,” it added.

Investing in energy-efficient components during fit-outs and consulting with sustainability experts early in the planning phase can help incorporate sustainability requirements and costs into decision-making, thereby minimizing the risk of late adjustments, the JLL statement justified.

Optimism for offices amid caution over potential challenges

Despite a positive outlook, office fit-out development faces several challenges.

That said, the report underlines a need for global firms to address local and regional issues such as labor shortages, talent acquisition, and material availability, as well as liquidity to ensure project success.

The report also suggests that economic and political uncertainty, particularly trade and tariff implications, continue to create instability.

Consequently, early planning for lease expirations and strategic investment in existing buildings is set to benefit both landlords and occupiers, helping to manage costs and navigate the tighter timeframes caused by hesitancy around investment.

“The global office sector faces a complex landscape of challenges and opportunities in 2025,” the Director of Research and Strategy at Work Dynamics Europe, the Middle East, and Africa, Ruth Hynes, said.

“As corporate clients grow and expand their footprints, we anticipate the office construction will remain active even amid market uncertainty, and encourage early, strategic planning to ensure the success of fit-out initiatives,” Hynes added.


Oil Updates — crude tumbles 8% as China retaliates with tariffs on US

Oil Updates — crude tumbles 8% as China retaliates with tariffs on US
Updated 04 April 2025
Follow

Oil Updates — crude tumbles 8% as China retaliates with tariffs on US

Oil Updates — crude tumbles 8% as China retaliates with tariffs on US
  • Brent and WTI set for lowest close since April 2021
  • China to impose retaliatory tariffs on US

LONDON: Oil prices plunged by 8 percent on Friday, heading for their lowest close since the midst of the coronavirus pandemic in 2021, as China hit back in an escalating global trade war with the US after President Donald Trump’s barrage of levies this week.

China announced it will impose additional tariffs of 34 percent on all US goods from April 10. Nations around the world have readied retaliation after Trump raised tariff barriers to their highest in more than a century, leading to a plunge in world financial markets.

Brent futures dived by $5.30, or 7.6 percent, to $64.84 a barrel by 3:54 p.m. Saudi time. US West Texas Intermediate crude futures lost $5.47, or 8.2 percent, to $61.48.

Both benchmarks were on course for their biggest weekly losses in percentage terms in more than two years.

“China’s aggressive countermove to US tariffs all but confirms we are heading toward a global trade war; a war that has no winners and which will hurt economic growth and demand for key commodities such as crude oil and refined products,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Fuelling the oil sell-off was a decision by the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, to advance plans for output increases, with the group now aiming to return 411,000 barrels per day to the market in May, up from the previously planned 135,000 bpd.

Imports of oil, gas and refined products were given exemptions from Trump’s sweeping new tariffs, but the policies could stoke inflation, slow economic growth and intensify trade disputes, weighing on oil prices.

Goldman Sachs analysts responded with sharp cuts to their December 2025 targets for Brent and WTI by $5 each to $66 and $62 respectively.

“The risks to our reduced oil price forecast are to the downside, especially for 2026, given growing risks of recession and to a lesser extent of higher OPEC+ supply,” the bank’s head of oil research, Daan Struyven, said in a note.