In a transfer designed to speed up the event of Saudi Arabia’s leisure sector, Qiddiya Funding Firm (QIC) introduced the incorporation of SEVEN, the Kingdom’s main leisure improvement agency. This strategic merger strengthens Saudi Arabia’s ambition to remodel its leisure panorama and place Qiddiya, a mega leisure metropolis below development, as a key contributor to the nation’s financial diversification targets.
SEVEN, established in 2017 by the Public Funding Fund (PIF), the sovereign wealth fund of Saudi Arabia, has been instrumental in driving the expansion of the home leisure sector. The corporate boasts a portfolio of 21 leisure tasks throughout 14 Saudi cities, representing a complete funding of over SAR 50 billion (USD 13. 3 billion). These tasks embody a various vary of leisure choices, together with theme parks, cinemas, and cultural sights.
The merger between QIC and SEVEN is anticipated to create a unified leisure powerhouse below the PIF umbrella. This mixed entity can be higher outfitted to supervise the large-scale improvement of Qiddiya, envisioned as a futuristic leisure megacity situated on the outskirts of Riyadh. Qiddiya is deliberate to function six distinct zones, together with amusement parks, sporting services, water parks, pure sights, and cultural facilities. Residential areas, lodges, and resorts are additionally slated to be a part of the Qiddiya improvement, making a holistic leisure vacation spot.
Officers imagine that the merger will considerably improve Qiddiya’s skill to draw guests and contribute to Saudi Arabia’s financial development. Abdullah Aldawood, the managing director of QIC and chairman of SEVEN, emphasised the significance of the merger in fostering a vibrant leisure tradition inside the Kingdom. “This step finally goals to create a brand new idea of enjoyable and enhance the standard of life by constructing an built-in and unprecedented leisure ecosystem able to contributing considerably to Saudi Arabia’s financial diversification agenda, ” Aldawood acknowledged.
By combining QIC’s deal with growing Qiddiya with SEVEN’s experience in leisure operations, the merger is anticipated to expedite the completion of Qiddiya and solidify its place as a premier leisure vacation spot within the area. The undertaking is anticipated to not solely increase tourism but in addition create important job alternatives and help the expansion of associated industries.
The merger between QIC and SEVEN displays Saudi Arabia’s dedication to remodeling its leisure sector and fostering a extra diversified financial system. With its huge assets and strategic focus, the unified entity is well-positioned to play a number one function in shaping the way forward for leisure within the Kingdom.