Doors Open at Qiddiya: Saudi Megacity Unveils First Phase Within a Year

Riyadh - Abdullah bin Nasser Al-Daoud, Managing Director of Qiddiya Investment Co., announced that the first assets in the highly anticipated Qiddiya entertainment megacity will be opened within the next year. Subsequent assets will be inaugurated every quarter thereafter.

Speaking to Al-Arabiya TV at the World Economic Forum in Davos, Al-Daoud highlighted that Qiddiya is projected to contribute over $35 billion annually to Saudi Arabia's GDP. The megacity is expected to generate more than 300,000 high-quality jobs across various sectors. This includes over 50,000 jobs in hospitality and entertainment alone, with half a million people becoming permanent residents of the city.

Regarding private sector investments in Qiddiya, Al-Daoud stated that establishing the entire city requires investments exceeding SAR 1 trillion. He emphasized that initial investment by the Public Investment Fund (PIF) has helped mitigate risks for private sector involvement by financing infrastructure and building assets. This approach aims to attract both local and international investments across sectors such as healthcare, entertainment, education, housing, and offices.

Qiddiya Entertainment Megacity was incorporated as a closed joint-stock company wholly owned by PIF in May 2018. Spanning an area of 334 square kilometers located just outside Riyadh at a distance of 40 kilometers from the capital city center.

The vision for this ambitious project is to transform Qiddiya into a premier entertainment destination within Saudi Arabia—a hub for activities, discovery, and participation—reshaping the concept of entertainment in the Kingdom while seizing promising opportunities provided by the local market.

As progress continues on this groundbreaking initiative set to redefine leisure experiences within Saudi Arabia's borders and beyond its shores; anticipation grows among citizens and visitors alike for what promises to be an extraordinary addition to the country's cultural and entertainment landscape.