Saudi Arabia awards contracts worth $2.7bn for Qiddiya City mega project

Sports and entertainment-focused development is expected to create more than 325,000 job opportunities, yielding a nominal GDP of $36bn a year

Qiddiya City will include a gaming and e-sports district aimed at becoming a global centre for competitions. Photo: Qiddiya

Work on Qiddiya City, part of Saudi Arabia's vast sports and entertainment-focused project Qiddiya, is progressing with contracts worth 10 billion Saudi riyals ($2.66 billion) awarded so far as the kingdom presses ahead with its Vision 2030 economic diversification agenda.

Located on the outskirts of Riyadh, the project will include 60,000 buildings covering an area of 360 square km and is expected to eventually have more than 600,000 residents, Qiddiya said on Thursday.

Qiddiya City is also expected to create more than 325,000 job opportunities, yielding a nominal gross domestic product of 135 billion riyals ($36 billion) a year.

The project is also hoping to attract about 48 million visits per year.

Qiddiya City will include a gaming and e-sports district aimed at becoming a global centre for competitions, as well as a speed park, golf courses, a multipurpose stadium, a water theme park and Six Flags Qiddiya.

Some of the destinations “which will be launched in the coming months”, Qiddiya said.

The Discovery Springs land at Six Flags Qiddiya. Courtesy Qiddiya

Sirocco Tower which is said to be the world's tallest drop-tower ride. Courtesy Qiddiya

The Steam Town land at Six Flags Qiddiya. Courtesy Qiddiya

The Falcon's Flight ride is set to be the fastest in the world, at Six Flags Qiddiya, Saudi Arabia. Courtesy Qiddiya

The entrance to the Six Flags park. Courtesy Qiddiya

The Twilight Gardens land at Six Flags Qiddiya. Courtesy Qiddiya

Falcon's Flight at Six Flags. Courtesy Qiddiya

The update came after Saudi Crown Prince Mohammed bin Salman, who also serves as the chairman of the board of the Qiddiya Investment Company, launched the urban design for the city of Qiddiya and Qiddiya’s brand.

Qiddiya will become the foremost global destination in the fields of entertainment, sports and culture, he said.

This will have a positive impact on the kingdom's economy and its international standing, and also aims to improve the quality of life, making Riyadh one of the top 10 economies globally, Prince Mohammed said.

Saudi Arabia, the world's biggest oil exporter, is transforming its economy under its Vision 2030 diversification agenda as it aims to reduce its dependence on oil, boost domestic industries and support jobs growth.

It is developing several large projects in line with this strategy, including Qiddiya, as well as Neom, a $500 billion futuristic city, the Red Sea Project and the Diriyah Gate heritage development.

Midway through the Vision 2030 implementation, “strong performance has been achieved against many of the economic goals”, a report by consultancy PwC in October found.

Saudi Arabia’s mega projects “have made significant progress in the last few years, moving from the conceptual phase to construction”, the report said.

However, some of the projects launched as part of the 2030 plan are being delayed to build capacity and avoid huge inflationary pressures and supply bottlenecks, Bloomberg quoted Finance Minister Mohammed Al Jadaan as saying on Thursday.

A longer period is needed to “build factories, build even sufficient human resources”, Mr Al Jadaan said in Riyadh.

“The delay or rather the extension of some projects will serve the economy,” he was quoted as saying.

The Line is one of 10 districts in Saudi Arabia's $500 billion Neom megacity. Photo: Neom

Sindalah Island is set to be the first destination open to the public within the Neom mega project. Photo: Neom

Trojena, a mountain tourism destination, will be the first major outdoor skiing site in the GCC. Photo: Neom

Oxagon, part of the Neom mega project, is a futuristic new industrial city in the sea. Photo: Neom

AlUla is a budding tourist magnet in the north-western Madinah region. AFP

When it opens in 2023, Nujuma, a Ritz-Carlton Reserve, will form part of The Red Sea project. Photo: Marriott International

Amaala has unveiled the design for its Triple Bay Yacht Club. Photo: Amaala

Qiddiya City is an entertainment development project to be established in Riyadh.

Salwa Palace is the largest standing structure in the historic city of Diriyah. Photo: Diriyah Gate Development Authority

A screen grab of aerial footage of the King Salman Park in Riyadh. The project is set to become the world’s biggest urban park.