Qiddiya CEO says work currently underway on key mixed-use real estate project

Qiddiya Investment CEO Philippe Gas

Qiddiya Investment Company (QIC) is currently developing a key real estate project within Qiddiya, which will include residential, commercial and office units to attract companies, CNBC Arabia reported, citing chief executive officer Philippe Gas.

The project has a main sports component, which will be developed in cooperation with the Ministry of Sports, in order to host part of the activities of the Asian Games.

The company will commence work for Phase 1 of the project this year. Infrastructure works carried out so far are in line with the scope of the project and are progressing as planned without being hurt by COVID-19, Gas added.

A number of activities will be inaugurated by 2023, such as Six Flags park and the entertainment area, the CEO indicated, noting that a number of real estate developments and other assets are also being planned.

The priority of the company lies in working with Saudi firms to develop the local economy, while international firms will be sought only in the event of lack of local expertise.

The project is receiving global attention, with in-depth discussions being held with potential investors across various sectors, which is key for diversifying the Kingdom's economy, according to Gas.

Qiddiya project is part of the Kingdom's tourism strategy and represents a hub for attracting tourists, especially with the population growth in Riyadh, he pointed out.

As for Saudization, the CEO noted that the project comprises 500 employees, 60% of whom are nationals, with a plan to increase their number over the coming years.

According to data compiled by Argaam, Qiddiya is Saudi Arabia’s future capital of entertainment, sports and arts, officially listed in May 2018 as an independent company under the name “Qiddiya Investment Company”, fully owned by the Public Investment Fund (PIF) and is subject to Saudi laws.

The project is located an hour from King Khalid International Airport and 40 minutes from the center of Riyadh, with an area of 334 square kilometers. The vision of the project is to make Qiddiya the destination of entertainment in the Kingdom, and a complex for activities, discovery and participation, as it aims to tap into the promising opportunities provided by the local market.