Qiddiya saves $30 billion to be spent abroad
The Kingdom is counting on the “Qiddiya” project, the new entertainment, sports and cultural destination, to contribute, with its completion, to saving billions of dollars spent on tourism abroad, in addition to making the city of Riyadh a global tourism destination. The project is supported by the Public Investment Fund and is being built 40 kilometers from the center of the capital, Riyadh. Visitors will have access to many different educational and entertainment facilities, within six innovatively designed complexes
According to the Secretary-General of the Founding Council of the Qiddiya Project, about two-thirds of the Kingdom’s citizens are under the age of 35, and the project will contribute to providing about $30 billion that Saudis spend each year on tourism and entertainment outside the country, and this abundance of spending will be employed to develop the internal local economy, which will lead to creating opportunities new work.
Visitors to Qiddiya will have many wonderful options for entertainment, sports and cultural activities distributed within innovatively designed facilities that include game cities, recreational centers, and sports facilities capable of hosting the most prominent international competitions and games. Qiddiya’s activities will include training academies, and dedicated desert and asphalt tracks. For motorsport enthusiasts, water and snow recreational activities, outdoor adventure activities, safari experiences and enjoying nature, as well as the availability of historical, cultural and educational events, the project will also contain commercial centers, restaurants, cafes, hotels, real estate projects, and services that meet the aspirations of all segments of society. .
The vision of the Qiddiya project is to transform it into a prominent urban entertainment destination and a vital headquarters for activities, exploration and social interaction in Saudi Arabia, and the first phase of the project will be launched in 2022.
Roshan develops residential neighborhoods in 4 regions and 9 cities
The Public Investment Fund (Roshan Real Estate) launched last August, as a company specialized in developing residential areas and neighborhoods. Asir, the Eastern Province, and in (9) different cities, the area of these areas extends to more than 20 million square meters.
Roshan announced that its first residential neighborhood will be located north of Riyadh, and that contracts worth 1.6 billion riyals were signed to start contracting work for the first phase of the project near King Khalid International Airport and Princess Nourah University.
Roshan also looks forward to having the residential units put up for sale on the map during the first half of 2021.
The Public Investment Fund hopes that Roshan will play an important and pivotal role in achieving the desired goals, which seek to develop the real estate sector and infrastructure, diversify the resources of the economy and increase the gross domestic product.
Roshan is working on developing vibrant residential neighborhoods that provide modern lifestyles inspired by the urban heritage from the various main regions of the Kingdom. It also works to strengthen partnerships with various sectors, support entrepreneurs, and the small and medium enterprises sector, and contribute effectively to advancing the growth and prosperity wheel in the Kingdom.
The cost of the first phase of the Red Sea project
The Red Sea Project is the most ambitious renewable tourism project in the world, as it includes an archipelago containing more than 90 virgin islands, in addition to stunning nature, mountains and canyons, dormant volcanoes, and desert, and will provide a range of exclusive and unique experiences for tourists from all over the world, and a guarantee To protect the pristine environment in the project, the Red Sea Development Company will adopt a set of environmental regulations that lead to the adoption of best practices related to total zero landfill, reduction of carbon dioxide emissions, and full reliance on renewable energy.
The company is committed to developing the project area and transforming it into a year-round luxury tourist destination valued by local residents, tourists from all over the world, and the international business community alike.
The boundaries of the project extend from the city of Al-Wajh in the north to the city of Umluj in the south, and it is only 500 km from the north of Jeddah and some kilometers from a nature reserve located in the Al-Rahah area. In addition to containing 90 virgin islands, there are a number of dormant volcanoes and coral reefs. The cost of the first phase is approximately 30 billion riyals; Among its most important projects are the Global Residential Village, Desert Resort, Mountain Resort, Shabara Island Resort, Shararah Island Resorts, Umm al-Sheikh Island Resorts, Red Sea Airport, Staff City, Red Sea Nursery, 80 km road network, and a bridge to connect the main island (Sharira Island) to the mainland. The most important projects that are currently being worked on, and it is characterized by a strategic location that allows 80% of the world’s population to reach this destination in less than 5 hours; The two companies (Sama and Partners Contracting Ltd.) and (Al-Mabani General Contracting) are working on its implementation, and the British company (Foster and Partners) designed this airport to simulate the picturesque nature surrounding it, and to be a sustainable building that works to preserve the environment, and it is also planned to receive one million visitors. and tourists annually by 2030.
Investing one trillion riyals in 5 years
The Governor of the Investment Fund, Yasser Al-Rumayyan, said: The Public Investment Fund has become a fundamental pillar for the sustainability of the Saudi economy, revealing that a trillion riyals will be invested in the next five years in new projects, and indicated that it is among the fastest growing sovereign funds. billion riyals in 2015 to 1.5 trillion riyals. The fund aims to launch new sectors, build strategic economic partnerships, and localize technologies and knowledge. Among the sectors that focus on aviation and defense, vehicles, transportation and logistics, food and agriculture, building and construction materials and services, service facilities and renewable energy, minerals and mining, health care, financial services, Entertainment, tourism and sports, real estate, communications, media and technology, all the way to consumer and retail goods.
In a related context, Al-Rumayyan confirmed that the Public Investment Fund launched more than 30 new companies, stressing that the financing of new investments from the Fund’s funds and assets granted by the government, and with this approach, the Fund will be able to achieve 3 goals: maximizing and diversifying revenues, and enhancing the Kingdom’s position as a leader in the economy. It aims to build an international reputation as an investor and partner of choice, as well as achieve significant long-term returns through diversified global investments.
The fund supports NEOM with $500 billion
The “NEOM” project, the future destination for dreamers and creators in the world, added a new milestone in its most ambitious journey in the world. Finding sustainable solutions to the most important challenges facing the future of humanity, making NEOM the most attractive area for investments in the world, creating a complete economic system based on 16 sectors, and developing and applying the latest technologies in multiple sectors such as mobility, energy, water, food and biotechnology to advance the future of humanity. To the establishment of new cities and a complete infrastructure for the region, including a port, an airport network, industrial zones, creativity centers to support the arts, and innovation centers to support the business sector, in addition to developing targeted economic sectors.
The project will be supported by more than $500 billion from the Public Investment Fund, in addition to local and international investors.
The NEOM project was designed as an international project directed to the world with independent goals, and its objectives coincide with the objectives of (Kingdom’s Vision 2030) in its three axes: creating a vibrant community that occupies the forefront of the index of the world’s best livable cities, a prosperous economy, and making the Kingdom an ambitious homeland and an effective destination for adopting the latest technologies, NEOM will contribute to raising the Kingdom’s GDP through two aspects; The first is the direct financial returns that will go to the Public Investment Fund in its capacity as the owner, and the second is to stop the economic leakage, as the project will provide additional opportunities for Saudi investors in sectors that were not available before. The NEOM project is managed by an international team of more than 30 nationalities, and NEOM is headed by Eng. Nazmi Al-Nasr, who has previously undertaken the development and management of many mega projects, such as the giant Shaybah field project, which was built in an isolated area in the heart of the Empty Quarter desert, and the King Abdullah University of Science and Technology project.