Qiddiya construction to kick off in Q1 2020, says CEO

Qiddiya Investment Co. (QIC) will launch construction of Qiddiya project in Q1 2020, as groundworks have already begun at site, Michael Reininger, Chief Executive Officer of QIC, told Argaam in an exclusive interview.

“By the end of this year, we will fast track infrastructure works. Administrative offices are expected to be completed at the project site by the end of 2019,” Reininger said.

QIC signed nine contracts with Saudi contractors this week, he added.

The company will announce the final details of a new water park project by the end of the year. It will also unveil other sports facilities in the megaproject within the next two months.

Meanwhile, Reininger noted that additional local partners can join the Six Flags Qiddiya project, adding that QIC has been in talks with Tadawul-listed Kingdom Holding Co. to invest in the entertainment city.

“Qiddiya is an entertainment project that needs various infrastructure works, hotels, etc. - the core business of Kingdom Holding,” he said.

QIC requires contracting several local cement firms to fulfill the project requirements, but no contracts have been signed yet, Reininger concluded.

Yesterday, QIC unveiled the design for Six Flags Qiddiya, which is being built just outside Riyadh, and is destined to become the Kingdom’s capital of entertainment, sports and the arts.