Saudi launches multi-billion dollar entertainment resort
QIDDIYA : Saudi King Salman and Crown Prince Mohammed bin Salman attended the groundbreaking ceremony on Saturday of a vast entertainment resort that is at the heart of an ambitious strategy to open the economy and ease social restrictions.
Qiddiya, about an hour’s drive from Riyadh, is being built on a 334 sq km site, making it 2-1/2 times the size of Disney World. It will include a Six Flags theme park, water parks, motor sports, cultural events, and vacation homes. A spokesman said Qiddiya expects to attract 1.5 million visitors annually when the first phase opens in 2022.
Local media have reported the cost of the infrastructure alone would reach up to 30 billion riyals ($8 bln) and the project would eventually be worth tens of billions of riyals. Little more than a week after Saudi Arabia opened its first cinema after a nearly four-decade ban, the author of the reforms, Prince Mohammed, and his father attended the lavish launch ceremony, which featured a live orchestra, fireworks and a vocal performance praising both leaders. “Today, we invite investors, creators, and operators from around the world to explore what a one-of-a-kind project like Qiddiya has to offer,” CEO Michael Reininger told government officials, foreign dignitaries and businessmen gathered in a temporary open-air auditorium. “We will seek the best to help us, as we invent a new entertainment experience for all residents and visitors to the Kingdom of Saudi Arabia.” Qiddiya is seeking a broad range of financing from local and international sources, with bonds and direct investment to supplement the majority contribution from the Saudi sovereign wealth fund.