30 Oct 2019

Saudi Arabia: Milestone MoU Signed by Qiddiya Investment Company and Samsung C&T

Qiddiya Investment Company (QIC) and South Korea-based technology company Samsung C&T just agreed on a collaboration for numerous areas in the new developing Qiddiya leisure and entertainment destination in Saudi Arabia. Both parties signed a Memorandum of Understanding (MoU), which declares Samsung as partner for the design, engineering and construction of a new sport complex of Qiddiya. It also includes that Samsung receives co-branding and naming rights of some of Qiddiyas most important facilities and that Samsung Electronics becomes primary technology sponsor. In return Qiddiya earns the right to work with businesses under the Samsung umbrella.

“This year, Qiddiya has been advancing steadily on our journey from design to execution. The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals for creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia,“ said Michael Reininger, CEO of QIC.

The planed city of Qiddiya will develop south west of Saudi Arabia‘s capital Riyadh on a total ground of 334 square kilometres and will be seperated in five themed segments for visitors: “Sports&Wellness“, “Nature&Environment“, “Parks&Attractions“, “Motion&Mobility“ and “Arts&Culture“. In late August QIC announced the opening of the Six Flags Qiddiya thrill theme park for 2023 (cf. EAP news f. 27. Aug 2019). All three Qiddiya construction phases are supposed to be completed in 2030. (eap)