King Salman lays foundation stone for Al-Qiddiya entertainment project

King Salman on Saturday laid the foundation stone for the Al-Qiddiya entertainment, sports and cultural project in Riyadh, in a ceremony attended by Crown Prince Mohammed bin Salman, according to a statement on the official Saudi Press Agency (SPA).

The project is being built on a 334 square-kilometer site, making it 2.5 times the size of Disney World. It will feature various attractions including a Six Flags theme park, water parks, vacation homes, shopping malls, and hotels.

Al-Qiddiya is seeking a broad range of financing from local and international sources, Michael Reininger, chief executive of the project, told Reuters.

Saudi Arabia’s’ Public Investment Fund (PIF) is expected to fund 50 percent of  the project, while the remaining amount will come from bonds, direct investment and other tools, Reininger said.

PIF has two other major initiatives: NEOM – a $500 billion megacity extending into Egypt and Jordan – and the Red Sea tourism project which covers about 50 islands.

Al-Qiddiya is expected to contribute around SAR 17 billion to the Kingdom’s GDP by 2030 and to provide 57,000 jobs.

The project will be built over three phases until 2035. The first phase is for building infrastructure, the second is for development, and the third is for growth.