Collaborating & Innovating: Qiddiya Signs MoU with Market-Leader Samsung
Riyadh, KSA, 29 October 2019- Qiddiya Investment Company (QIC) and Samsung have signed an agreement to collaborate on a broad range of areas from engaging Samsung C&T for the design, engineering and construction of Qiddiya’s sports complex, to working with Samsung Electronics to become Qiddiya’s primary technology sponsor.
The extensive and powerful economic Memorandum of Understanding (MoU), signed at The Future Investment Initiative, also includes co-branding and naming rights for some of Qiddiya’s anchor facilities and enables QIC to work with a number of businesses under the Samsung umbrella.
After detailed discussions, both in Saudi Arabia and Samsung’s headquarters in South Korea, the MoU was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, President & CEO of Samsung C&T.
“This year, Qiddiya 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 of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia,” commented Mr. Reininger.
Wan Soo Kim, Senior Vice President of Samsung C&T, said of the signing: “Samsung is proud to be a strategic partner for QIC. 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.”
About Qiddiya Investment Company:
Qiddiya Investment Company (QIC) is driving the development of Qiddiya, Saudi Arabia’s Capital of Entertainment, Sports and the Arts. As a core tenet of Vision 2030, Qiddiya has a dual economic and social purpose: to advance economic diversification and unlock new professional pathways while enriching lives of youth in the Kingdom.
His Royal Highness Mohammad bin Salman, Crown Prince, Deputy Prime Minister, and Chairman of the Council of Economic and Development Affairs and of the Public Investment Fund (PIF), announced the project on April 7, 2017. Ground-Breaking took place on April 28, 2018 and the company, Qiddiya Investment Company (QIC), was incorporated as a closed joint-stock company wholly owned by PIF on May 10, 2018.
2019 achievements include approval of the Master Plan, release of the design of Six Flags Qiddiya, start of phase one construction, including the first on-site office, as well as the launch of the on-site Welcome Centre, one of 3 buildings that will form the Qiddiya Experience Centre, due for launch in 2020.
Qiddiya is located south-west of Riyadh on a site that spans 334 sq.km. Phase one is to open in 2023, with the third and final phase being complete in 2030.
Visitors will enjoy activities across five cornerstones: Sports & Wellness; Nature & Environment; Parks & Attractions; Motion & Mobility; and Arts & Culture. Development of these areas will give rise to family-friendly theme parks; sports arenas suitable for international competitions; academies for sports and the arts; concert and entertainment venues; racetracks for motorsport enthusiasts; outdoor and adventure activities alongside nature and environment experiences; and historical, cultural and educational activities.
Qiddiya will also include a variety of real estate options and community services.
Websites: qiddiya.com // qiddiya-academy.com
About Samsung C&T Corporation
The Samsung C&T Engineering & Construction Group is a global constructor that operates in the three key areas of commercial/residential buildings, civil infrastructure, and plant construction.
Leveraging cutting-edge technology and half a century of excellence, the E&C Group has gained a reputation as a Trusted Builder in the global construction market, and continues to further raise the bar on quality and safety. Its track record of success includes landmark projects such as the Burj Khalifa in Dubai, the tallest building in the world; the 5,600MW Barakah Nuclear Power Plant Project in the UAE; and the ongoing Riyadh Metro Project in Saudi Arabia.