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Saudi’s Qiddiya project becomes joint-stock company under PIF

Saudi’s Qiddiya project becomes joint-stock company under PIF
Qiddiya - Photo credit: Project's official Twitter account

Riyadh – Mubasher: Al-Qiddiya entertainment megacity project on Monday announced that it has been incorporated and registered as a closed joint-stock company called the Qiddiya Investment Company.

The Qiddiya project and subsequent company and wholly owned by Saudi Arabia’s sovereign fund, the Public Investment Fund (PIF), the Ministry of Culture and Information said in a statement.

Qiddiya is a mega entertainment, sports, and cultural destination, covering 334 square kilometres currently underway outside the Saudi capital of Riyadh.

“Incorporation is a key milestone as we move from planning to performance,” Qiddiya CEO Michael Reininger said.

He added that as a “fully independent entity”, the Qiddiya Investment Company will be in charge of drafting its own budget and will “re-commit” to its responsibilities, as the company moves forward with this project.

Last month, King Salman laid the foundation stone for the Qiddiya entertainment project.

The first phase of the megacity, which is part of Saudi Arabia’s massive drive towards diversifying its income resources under the Saudi Vision 2030 and towards expanding its entertainment and leisure sector, is slated for completion by 2022.

PIF previously announced that Qiddiya was one of three giga-projects under the Kingdom’s Vision 2030.