Qiddiya names 12-member global advisory board

Qiddiya Investment Company, the developer of Al-Qiddiya entertainment megacity project in Riyadh, has announced the formation of its global advisory board, according to a statement published by state-owned Saudi Press Agency.

The 12-member global advisory board will play a vital role in providing advice to the board of directors and the executive team by offering joint recommendations on best practices for a wide range of topics, Qiddiya chief executive officer Michael Reininger said in the statement.

The advisory board will also introduce potential operators and investors to the opportunities offered by the Saudi market, particularly Riyadh, it added.

King Salman laid the foundation stone for the project in April, and the first phase of the megacity is expected to be complete by 2022.

In May, Al-Qiddiya was incorporated and registered as a closed joint-stock company, wholly owned by the Public Investment Fund (PIF).

PIF has announced Al-Qiddiya as one of three giga-projects as part of Saudi’s Vision 2030. The megacity covers 334 square kilometers and is located 40 kilometers outside of Riyadh.