Qiddiya confirms sovereign funding for $40B “city for play”

Qiddiya officials say the $40 billion “city for play” project will rely comfortably on Saudi sovereign funding for years, despite recent calls for greater involvement from the private sector.

“We recognise that creating a brand-new city from scratch in the desert is a sovereign undertaking,” Qiddiya Investment Company Vice Chairman Morgan Parker said at the Cityscape conference held in Riyadh last week.

He added that building a city the size of Las Vegas will “take some time.” Qiddiya is located outside Riyadh with a motor racing track, 12 theme parks, 40 sports venues and 27 entertainment attractions.

The city expects to develop around 120 hotels with 41,000 rooms over the next 20 years.

The Six Flags Qiddiya amusement park held its soft-opening earlier this month, with an official launch expected on New Year’s Eve.