Qiddiya, the mega-entertainment complex just outside of Riyadh that is set to transform the leisure landscape in the Saudi capital, announced on Thursday “at least SR10 billion ($2.66 billion) worth of contracts” will be awarded to various companies “to speed up construction,” according to reports.
The funding will be backed by the Kingdom’s Public Investment Fund.
The comments were made by Michael Reininger, chief executive to The National.
Qiddiya’s entrance.
“We’ve awarded well over 1 billion riyal in contracts so far and that figure is going to jump, maybe ten times to 10 billion riyals, which will all be construction related contracts,”
The Qiddiya project includes a number of art, entertainment and sporting and golf facilities, and is being built on a 334 square-kilometre site close to Riyadh.
The news means that the Kingdom is not slowing down its investment into entertainment, tourism, and quality of life for Saudis despite a global pandemic and tough economic conditions.
Qiddiya isn’t the only entertainment and tourism project receiving a new jolt of life from Saudi authorities. Officials have allocated funds for the mega-project in Riyadh, called “Diriyah Gate,” and Crown Prince Mohammed bin Salman told planners to move “full speed ahead, no slowdown,” according to Jerry Inzerillo, chief executive officer of the project’s development authority, as reported by Bloomberg. Several parts of the project are in construction and the first phase should be completed by the end of 2023, he said.
