Qiddiya Investment Company, the developer behind the Saudi Arabian entertainment city, and South Korean electronics giant Samsung have signed an agreement to collaborate on a broad range of projects.
From engaging Samsung C&T for the design, engineering and construction of Qiddiya’s sports complex, to working with Samsung Electronics to become Qiddiya’s primary technology sponsor, the extensive economic memorandum of understanding was signed at the Future Investment Initiative event in Riyadh. The agreement also includes co-branding and naming rights for some of Qiddiya’s anchor facilities and enables QIC to work with a number of businesses under the Samsung umbrella.
After detailed discussions, both in Saudi Arabia and Samsung’s headquarters in Seoul, the MoU was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, president and CEO of Samsung C&T (pictured).
“This year, Qiddiya has been advancing steadily on our journey from design to execution,” said Reininger. “The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia.”
“Samsung is proud to be a strategic partner for QIC,” said Wan Soo Kim, senior vice president of Samsung C&T. “With the signing of the MoU, we are confident to leverage the full capabilities from both partners to deliver the most technologically advanced entertainment, sports and arts destination in the Kingdom of Saudi Arabia.”
