Saudi Arabia’s Qiddiya to award 10bn riyals of contracts for Riyadh mega project

Saudi Arabia’s Qiddiya Investment Company, backed by the kingdom's sovereign wealth fund, plans to award at least 10 billion riyals ($2.66bn/Dh9.79bn) worth of contracts to various companies this year to speed up the construction of a mega entertainment and sports project in the capital Riyadh.

“We’ve awarded well over 1bn riyals contracts so far and that figure is going to jump, may be 10 times to 10bn riyals, which will all be construction related contracts,” Michael Reininger, its chief executive told The National.

The Qiddiya project includes a number of facilities for sports, arts and entertainment activities. It is being constructed on a 334 square-kilometre site close to Riyadh and part of the Saudi Vision 2030 programme that aims to diversify the economy away from oil.

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