Riyadh, Saudi Arabia — Crown Prince Mohammad bin Salman, Prime Minister and Chairman of the board of directors of the Qiddiya Investment Co. (QIC) launched the urban design for the city of Qiddiya and Qiddiya’s brand, Saudi Press Agency reported.
Qiddiya city will become, in the near future, the foremost global destination in the fields of entertainment, sports, and culture, according to Argaam.
This will have a positive impact on the Kingdom’s economy and its international standing, strengthening Riyadh’s strategic position and contributing to its economic growth. It aims to improve the quality of life, making Riyadh one of the top 10 economies globally, said the Crown Prince.
He added that this qualitative investment in Qiddiya is a cornerstone of the Saudi Vision 2030, which aims to diversify the Kingdom’s economy, creating thousands of job opportunities for the ambitious Saudi youth, Argaam reported.
Qiddiya city, which is one of the major projects of the Public Investment Fund, is an essential source of support for the Kingdom’s tourism and economic goals, in addition to improving the quality of life for residents and visitors. It will contribute to attracting local and international investors.
Work on the project has already begun by pumping about SAR 10 billion into the construction projects. The first assets are expected to be inaugurated in the next two years.
Construction is progressing in the city with contracts worth SAR 10 billion awarded. With 60,000 buildings in an overall area of 360 square kms, it will eventually host over 600,000 residents, Argaam reported.
Qiddiya city is expected to create over 325,000 job opportunities, yielding nominal GDP of SAR 135 billion per annum. Additionally, it expects to attract an anticipated 48 million visits per year.
Located 40 minutes from Riyadh center and overlooking the stunning cliffs of the formidable Tuwaiq mountains, Qiddiya city will be a home of the first gaming and e-sports district, a speed park track, golf courses, a massive water theme park, and Six Flags Qiddiya. In addition, the city will also host a stadium which will feature the world’s largest Olympic museum.