Saudi officials are engaged in talks with “regional and global investors” for the Kingdom’s first mega entertainment and sports city that’s being developed as part of the kingdom’s plans for life after oil, Bloomberg reports.
The company is looking at options for investment including “joint ventures, land leasing and privatization to fund the project,” according to comments from the company’s CEO, Michael Reininger. Funds from investors “will be put alongside our money and we’ll be able to leverage that both on the debt and equity side in order to finance the project,” according to Bloomberg.
King Salman at the launch ceremony for Qiddiya.
“The project will be built on a combination of our capital that is deployed alongside investment capital from many other sources…We’re now engaging in these discussions with people who are coming to us and saying this seems interesting,” Reininger said.
Qiddiya is a massive development on the outskirts of Riyadh that aims to provide a better quality of life for residents and visitors, and contribute to making the Kingdom more attractive to tourists and regional visitors.
“Qiddiya will become the place to live, work and play, a prominent landmark and an important hub to meet and satisfy the recreational, social and cultural needs of the kingdom’s current and future generations,” according to a website built for the sports city.” A wide range of real estate options and community services will also be available to fulfil the vision of Qiddiya as a 24-hour destination resort community, with everything in one place.
Visitors will have access to more than 300 recreational and educational facilities designed around five cornerstones of development: Parks & Attractions with amusement, theme and water parks and feature attractions; Sports & Wellness will introduce sports programs and facilities for all kinds of hobbyists to professional athletes, including infrastructure capable of hosting international competitions and world-class training facilities and academies.; Motion & Mobility will provide adrenaline induced motor and sky sports, on and off-road as well as airborne while; Nature & Environment explores the great outdoors with environmental, nature and adventure activities; and Arts & Culture, will offer facilities and programs that provide visitors an array of traditional and modern arts, exhibitions, cultural and educational opportunities.
By 2030, Qiddiya hopes to draw 17 million visitors annually and build new sectors that will contribute up to 17 billion riyals ($4.5 billion) to Saudi Arabia’s gross domestic product, according to Bloomberg.
