A $200 billion Entertainment Project leads Saudi Arabia’s New Investment Round 沙特投资2000亿美元建娱乐城 开启新一轮投资热潮
With fireworks illuminating the dramatic Tuwaiq escarpment, hundreds of guests from inside the Kingdom and around the world had a taste on April 28 of the fun to come at Al-Qidiya, Saudi Arabia’s first entertainment, sport and cultural city.
Qiddiya is expected to be the world’s largest entertainment city by 2030, with a total area of 334 square kilometers, surpassing Walt Disney World in Florida, which is 110 sq km. Most featured activities include: car racing all year long, a large safari, outdoor water adventures, virtual reality games and six flags theme park.
Total investment of the entertainment city will be up to $200 billion and the first phase will be launched in 2022. Three reasons why building Qiddiya:
Meet cultural and entertainment needs and desires of the future generation
Shift more than 100 billion riyals spent by Saudis abroad to the local coffers
Diversify sources of income, develop the economy and create jobs
Saudi Arabia King Salman’s laying the foundation stone at Qiddiya entertainment park near Riyadh is part of a series of projects as the Kingdom seeks to diversify its economy. Saudi Arabia aims to generate SR35 billion to SR40 billion ($9 billion to $11 billion) in non-oil revenues from its privatization program by 2020 and create up to 12,000 jobs.
For example, the privatization program targets 14 public-private partnership (PPP) investments worth SR24 billion to SR28 billion. It includes the corporatization of Saudi ports and the privatization of the production sector at the Saudi Saline Water Conversion Corp (SWCC) and the Ras Al-Khair desalination and power plant.
In addition, the full program has over 100 potential initiatives in more than 10 sectors. The government has said it plans to raise about $200 billion through privatization in coming years as part of Vision 2030 reforms that aim to transform the economy of the world’s top oil exporter.