King Salman launches Al-Qiddiya entertainment project

King Salman will inaugurate today the Al-Qiddiya entertainment, sports and cultural project in Riyadh.

Al-Qiddiya is expected to contribute around SAR 17 billion to the Kingdom’s GDP by 2030 and to provide 57,000 jobs.

Crown Prince Mohammed bin Salman had first revealed the project in April 2017. The 334-square meter amusement park is located one-hour away from King Khalid International Airport and 40 minutes from downtown Riyadh.

The Public Investment Fund (PIF) is playing a key role in financing the infrastructure. Al-Qiddiya as a whole will be funded through investments, as PIF will utilize its portfolio of investors and provide them with financial and regulatory facilities to make the project more attractive for investment.

PIF had recently signed an agreement with amusement parks developer, Six Flags, to develop and design a branded park in Al-Qiddiya.

Al-Qiddiya’s chief executive officer, Michael Reininger, has worked with Walt Disney to develop resorts in Florida and Europe, and launched Disney Cruises. He also has 30 years of experience in developing major projects and establishing companies. He previously served as president of Brightline, the express train service.

The project is looking to change the concept of entertainment in the Kingdom by promoting local tourism to diversify the economy, attract foreign investments, and redirect Saudi travel and entertainment spending.

Al-Qiddiya project offers world-class entertainment facilities, including parks, adventure, sports, events, and wild-life activities, in addition to shopping malls, restaurants and hotels.

It will also include real estate properties that include vacation houses, of which around 4,000 units will be built by 2025, and up to 11,000 units by 2030.

The number of Al-Qiddiya entertainment visitors is expected to reach 17 million per year, which shoppers are likely to reach 12 million, which the hospitality sector is expected to host 2 million visitors.

The project will be built over three phases until 2035. The first phase is for building infrastructure, the second is for development, and the third is for growth.