The Qiddiya Investment Company announced on Thursday that at least 10 billion SR (Saudi Royal) (£2.66 billion) worth of contracts will be awarded to various different companies, this is to speed up the construction of a Mega-City that includes entertainment and sports project in the Saudi capital Riyadh.
The Kingdom’s Public Investment Fund will provide funding for the project.
The Saudi Arabian government says it will build a $500 billion mega-city, with the goal of diversifying its economy to focus less on crude oil.
Saudi Crown Prince Mohammed bin Salman said the government will aim to make NEOM run on 100% renewable energy — a highly ambitious goal.
Qiddiya will be the capital of Entertainment, Sports and the Arts in Saudi Arabia, an integrated destination offering immersive experiences and memorable moments of delight.
Qiddiya is being built around five cornerstones: Parks & Attractions, Sports & Wellness, Motion & Mobility, Arts & Culture and Nature & Environment. Our cornerstones are supported by our Real Estate & Community Services unit, which will create a thriving community with 5,000 residences.
In short, Qiddiya will be an inspiring place for a youthful Saudi society to fulfil ambitions; a place where they can enjoy, appreciate, aspire, advance and nurture their potential and stimulate interest in new professional pathways that help build a stronger future.
Located just 40 minutes from the Saudi Arabian capital, Riyadh, Qiddiya’s immense scale and striking geological features capture the imagination of visitors’ time after time. Its soaring +200 meter cliffs deliver sweeping panoramic views over a vast expanse of land, providing all the attributes necessary to grow and sustain in a rapidly evolving market. Making it the perfect location for the new project.