The mega-project Qiddiya entertainment development in Saudi Arabia has announced US$2.66bn in contracts to a number of companies supplying construction and attractions.
Daily newspaper The National reported that the government-backed Qiddiya Investment Company said at a press conference that the value of the contracts awarded so far may increase as much as ten-fold.
Michael Reininger, CEO told reporters that the project contains a wide range of leisure concepts, including sports, arts and entertainment and will take up 334 sq.km. of land close to the Saudi capital. It was all part of the Saudi Vision 2030 programme that has the intention to diversify the economy away from oil.
Infrastructure contracts take up most of the initial investment, he said, but it will include a Six Flags theme park and around 300 other recreational and educational facilities. There will be five main themes, including parks and attractions, sport and fitness, nature and the environment, arts and culture and motion and mobility.
The intention was to see the project completed or near-completed by 2023. It is being funded by the Public Investment Fund, backed by the government plus private investment. It is expected that tourism will provide as much as 20 per cent of the country’s gross domestic product by 2030 (currently three per cent) and bring employment to one million Saudis.
