Qiddiya's first assets to be inaugurated next year: Al-Dawood

Logo of Qiddiya Investment Co.

Abdullah Al-Dawood, Managing Director of Qiddiya Investment Co., revealed that the first assets in the city will open next year, with the remaining inaugurated every following quarter.

Speaking to Al-Arabiya TV on the sidelines of the World Economic Forum in Davos, Al- Dawood pointed out that Qiddiya will contribute more than $35 billion annually to the Kingdom’s GDP and create more than 300,000 new high-quality jobs in distinct sectors, including more than 50,000 jobs in the hospitality and entertainment sector, with half a million people as permanent residents.

As for the share of private sector in the city’s investments, Al- Dawood stated that the volume of investments required to establish the city as a whole exceeds SAR 1 trillion.

He added that the city is an attractive platform for local and international investors, through the initial investment by the Public Investment Fund (PIF) to bear the first stage of risks as financing infrastructure and building assets is unfeasible for the private sector. It, thus, paves the way to attract foreign and international investments later, in various sectors including healthcare, entertainment, education, housing and offices.

In May 2018, Al-Qiddiya entertainment megacity project was incorporated and registered as a closed joint-stock company, wholly owned by the PIF. The firm, named Qiddiya Investment Co., is subject to Saudi law, according to Argaam's data.

The megacity covers 334 square kilometers and is located 40 kilometers outside of Riyadh.

The project’s vision is to make Qiddiya an entertainment destination in the Kingdom, and a complex for activities, discovery and participation, as it aims to change the concept of entertainment in the Kingdom and seize promising opportunities provided by the local market.