Al-Qiddiya entertainment megacity project has been incorporated and registered as a closed joint-stock company, wholly owned by the Public Investment Fund (PIF), the Ministry of Culture and Information said in a statement on Monday.
The firm, named Qiddiya Investment Company, is subject to Saudi law, it added.
“Incorporation is a key milestone as we move from planning to performance,” Michael Reininger, CEO for Qiddiya, said in the statement.
“As a fully independent entity, we will draft our own budget and re-commit ourselves to our responsibilities, as we move forward with this project,” he added.
King Salman laid the foundation stone for the project in April, and the first phase of the megacity is expected to be complete by 2022.
PIF had announced Qiddiya as one of three giga-projects as part of Saudi’s Vision 2030. The megacity covers 334 square kilometers and is located 40 kilometers outside of Riyadh.
The project aims to provide world-class entertainment options within the Kingdom, allowing the domestic economy to recapture $30 billion spent annually by Saudis on foreign tourism, the statement said.
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