With the support of Saudi Arabia’s sovereign wealth fund, Saudi Arabia’s Chidia Investment Company won an infrastructure contract worth 700 million riyals to accelerate the construction of a large-scale entertainment and sports project near the capital Riyadh.

Qiddiya said in a statement on Monday that the contract was awarded to Saudi Arabia’s Shibh Al Jazira Contractor Company for work related to roads and bridges.

"Despite some unprecedented circumstances in 2020, Qiddiya proudly maintained the'business as usual' agreement, signed our second large-scale construction contract with SAJCO, and achieved another important construction milestone this year," Qiddiya CEO Michael Renninger said.

This large-scale project includes many sports, arts and entertainment facilities and is built on a 334 square kilometer site near Riyadh. This is part of the "Saudi Vision 2030" plan, which aims to diversify the economy and get rid of dependence on oil. The contract includes the construction of 45 kilometers of roads, 7 bridges and graded overpasses, which will provide access from the main road to the project site.

SAJCO CEO Zyad W Suleiman stated that Qiddiya "will change Saudi Arabia's entertainment and economic landscape forever." According to the statement, construction will begin this month and will be completed in mid-May 2023.

The Qiddiya project is funded by public investment funds and the government. The company plans to raise more funds by issuing bonds or sukuk, but did not disclose the specific scale of the issuance.

This large-scale project includes a theme park by the American operator Six Flags, which will have more than 300 entertainment and educational facilities. These activities are organized around five major themes, including parks and attractions, sports and health, nature and environment, art and culture, and dynamics and mobility.

Saudi Arabia is undertaking a number of major projects involving real estate, entertainment and tourism and other fields. These include the $500 billion Neom commercial and industrial zone extending to Egypt and Jordan, and a Red Sea tourism project that includes a nature reserve, coral reefs and heritage sites on about 50 islands.

Renninger told the National Bank earlier this month that Qiddiya Investment Company plans to award 10 billion riyals to multiple companies this year to speed up the construction of the project. Editor/Sang Xiaomei