Qiddiya Investment Company (QIC) and Samsung have agreed to collaborate on one of Saudi Arabia’s giga-projects, Qiddiya. Samsung C&T will create Qiddiya’s sports complex.
Samsung Group and QIC, a wholly owned subsidiary of Saudi’s Public Investment Fund (PIF), signed an extensive memorandum of understanding (MoU) at the Future Investment Initiative.
The MoU was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, president and CEO of Samsung C&T.
It followed detailed discussions in Saudi Arabia and Samsung’s HQ in South Korea.
QIC and Samsung will create ‘unprecedented destination’
Reininger said the MoU “demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia”.
Samsung C&T will design, engineer and construct Qiddiya’s sports complex. Samsung Electronics will become Qiddiya’s primary technology sponsor.
The MoU also includes co-branding and naming rights for some of Qiddiya’s main facilities. It also enables QIC to work with Samsung’s businesses.
Wan Soo Kim, senior VP of Samsung C&T, said: “Samsung is proud to be a strategic partner for QIC.
Qiddiya will be the world’s largest entertainment city
"Together, we will bolster our strengths as we push the frontiers of innovation and technology, and create a road map centered on being the best." Michael Reininger, CEO @Qiddiya#QiddiyaSoMuchMore#FII2019@FIIKSA pic.twitter.com/YT404gnSfx
— Qiddiya | القدية (@qiddiya) October 29, 2019
“With the signing of the MoU between Qiddiya and Samsung, we are confident to leverage the full capabilities from both partners to deliver the most technologically advanced entertainment, sports and the arts destination in the Kingdom of Saudi Arabia.”
Qiddiya will be the world’s largest entertainment city, surpassing Walt Disney World in Florida. It will feature more than 300 attractions.
These include theme parks, water parks, a sports city, nature and adventure activities, events and cultural attractions.
Samsung Electronics to be Qiddiya’s main tech sponsor
"We are confident to leverage the full capabilities from both partners to deliver the most technologically advanced Entertainment, Sports and the Arts destination in the Kingdom of Saudi Arabia. ”Wansoo Kim, Senior Vice President of #Samsung C&T.#QiddiyaSoMuchMore#FII2019 pic.twitter.com/cMrVCz6kMT
— Qiddiya | القدية (@qiddiya) October 29, 2019
It will also boast shopping outlets, food and beverage strips, a performing arts theatre, multiplex cinema, aquatic centre, and a motor sports facility.
As for Six Flags Qiddiya, it will be the largest and most expensive Six Flags yet, with 28 rides and attractions – including the world’s tallest, longest and fastest roller coaster.
Images: QIC
