RIYADH, Saudi Arabia, July 25 (NNN-SPA) – Saudi Arabia’s Qiddiya Investment Company (QIC), held talks on Wednesday, to discuss future investment opportunities for its first mega entertainment and sports city.
“The project will be built on a combination of our capital that is deployed alongside investment capital from many other sources,” Michael Reininger, chief executive officer of QIC, told media at a press conference.
Qiddiya, some 40 km south-west of the capital, Riyadh, is one of the kingdom’s mega projects, set to unlock tremendous opportunity, enabling economic diversification, while enhancing the quality of life for Saudi citizens under the Vision 2030 reform plan.
QIC is looking at options such as joint ventures, land leasing and privatisation, to fund the project.
The funds from investors “will be put alongside our money and we’ll be able to leverage both on the debt and equity side, in order to finance the project,” Reininger added.
According to Reininger, Qiddiya is expected to have its grand opening in 2023.
In June, QIC unveiled the master plan of the mega entertainment city, which has been divided into five major development zones, namely Resort Core, City Centre, Eco Core, Motion Core, and the Golf and Residential Neighbourhood.
Dubbed the future entertainment capital of the kingdom, the 334-square-kilometre site will include theme parks, entertainment centres, sports amenities, water-based recreation, adventure activities, and an array of historical, cultural and educational events.
The ambitious project is part of a list of mega projects that the Public Investment Fund (PIF) has committed to, as Saudi Crown Prince, Mohammed bin Salman, tries to bolster non-oil revenue and attract foreign investors.– NNN-SPA
