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| 22 May, 2018

Saudi Qiddiya Investment Company established as standalone company

The Public Investment Fund has announced Qiddiya as one of three giga-projects and part of Saudi's Vision 2030

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

RIYADH - Qiddiya, the entertainment, sport and cultural destination being built 40 kilometers outside Riyadh, has officially been incorporated as a standalone company as the Qiddiya Investment Company (QIC).

The move cements another key component in its progress toward phase one of completion, scheduled for 2022.

On the heels of the official Qiddiya ground-breaking ceremony last month, the Saudi Ministry of Commerce and Investment has officially incorporated and registered the project as a closed joint-stock company, wholly owned by the Kingdom’s Public Investment Fund (PIF) and subject to Saudi Arabian law.

The project was announced by Crown Prince Mohammed bin Salman on April 7, 2017.

The Public Investment Fund has announced Qiddiya as one of three giga-projects and part of Saudi’s Vision 2030 to create “a vibrant society, a thriving economy and an ambitious nation.”

Covering 334 square kilometers – 2.5 times the size of Walt Disney World – Qiddiya will shape Saudi Arabia’s multi-sector economy, help secure sustainable growth and improve the quality of services to citizens.

By providing a world-class entertainment option inside the Kingdom, QIC will allow the domestic economy to recapture a market share of the $30 billion spent annually by Saudis on foreign tourism. These funds will remain in the Kingdom to be reinvested for the benefit of citizens.

“Incorporation is a key milestone as we move from planning to performance. As a fully independent entity, we will draft our own budget and re-commit ourselves to our responsibilities, as we move forward with this project that has the potential to enrich the lives of all Saudis,” said Michael Reininger, CEO for Qiddiya.

“This step brings us closer to the day when we can satisfy the demand of a powerful and untapped Saudi market for new and accessible activities. It is for these future visitors – the nearly two thirds of the Kingdom’s population under 35, the more than 7 million people who reside within 40 kilometers of our location on the doorstep of Riyadh – that we at Qiddiya Investment Company aspire to build a better future filled with culture, sports, entertainment, and opportunity,” he said.

The ground-breaking ceremony was on 28th April, 2018, an event attended by King Salman and Crown Prince Mohammad bin Salman.

Copyright: Arab News © 2018 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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