Qiddiya mega project pivotal construction

Article posted by Coliseum, November 2^nd, 2023

Image: Qiddiya

Saudi Arabia’s Qiddiya Investment Company (QIC) has officially chosen a joint venture comprising the local entity El-Seif Engineering Contracting and the United Arab Emirate’s (UAE’s) ALEC for the pivotal contract centered on constructing infrastructure adjacent to the Qiddiya’s Speed Park racetrack.

‘Construction Week’ stated that the preliminary work estimates suggest an approximate value of SAR 7 billion ($1.9 billion). Subsequent phases, which are currently in the design process, might raise the total value to approximately SAR 15 billion.

The Qiddiya Investment Company (QIC) is a real estate development company. It’s developing Qiddiya, the world’s second largest real estate project. Qiddiya is a capital of entertainment, sports and culture. Qiddiya is located in Riyadh, Saudi Arabia. It’s being built 40 kilometers outside of Riyadh.

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The Qiddiya Speed Park is a racetrack in the Qiddiya Entertainment City in Saudi Arabia. The racetrack is a Federation Internationale de l’Automobile (FIA) Grade One track. It will be able to host Formula 1 Grand Prix and MotoGP races. The Speed Park will also have karting, driving experiences and passenger rides. The stadium’s configuration is designed to enhance the sound of the race cars.

Qiddiya is an entertainment megaproject to be established in Riyadh. Construction started in the beginning of 2019. The project is one of the tourism megaprojects to be established in Saudi Arabia under the auspices of Saudi Vision 2030, which aims to diversify the income resources of the country and alleviate its reliance on oil. On June 26^th, 2019, the masterplan for Qiddiya was revealed which comprises composed five primary projects. These projects include resorts, parks and a City Center. Phase One, slated to be completed in 2023, will feature Six Flags Qiddiya as a family attraction.

The Six Flags Qiddiya is a theme park in Saudi Arabia. It’s the largest and most expensive Six Flags Park. The park will have 28 rides and attractions and will feature a number of record-breaking roller coasters, unique thrill experiences, incredible live shows, and more arranged into six unique lands.

The 2024 Coliseum Summit MENA will be held at the Al-Awwal Park, Riyadh, Saudi Arabia, from February 4^th-5^th, 2024.

‘MEED’ stated that in an exclusive report by the Middle East Economic Digest (MEED), it also noted that the QIC is gearing up to deliver several components of its Qiddiya Entertainment City project. The Speed Park racetrack will be built around a Fédération Internationale de l’Automobile (FIA) Grade 1 racetrack, and will include karting, passenger rides, driving experiences, and other activities.

Dubai Media City-based the MEED, formerly known as the Middle East Economic Digest, is a media publishing company that focuses on economic and business news related to the Middle East. The MEED was founded in 1957.

Paris (France)-based the Fédération Internationale de l’Automobile is an association established on June 20^th, 1904 to represent the interests of motoring organizations and motor car users. It is the governing body for many auto racing events, including Formula One. The FIA also promotes road safety around the world.

Qiddiya in Detail

‘Construction Week’ further stated that the QIC is a closed, joint-stock company incorporated on May 10^th, 2018. Presently, the Public Investment Fund (PIF) of Saudi Arabia is the 100 percent shareholder of the company. The Qiddiya’s objective in line with Vision 2030 is to ensure that Saudi Arabia is listed amongst the world’s top tourist destinations. The livable Destination City is based on pillars of entertainment, sports and culture.

The Public Investment Fund (PIF) of Saudi Arabia is the country’s sovereign wealth fund. It was established in 1971 to provide financing for commercial projects that are important to the development of the Saudi Arabian economy.

The Saudi Arabia Vision 2030 is a strategic plan that aims to diversify the Saudi economy, modernize the society and enhance the Kingdom’s global profile. The plan was launched in April 2016 by the Crown Prince Mohammed bin Salman.

Recently, Saudi Real Estate Company (Al Akaria) has confirmed the inking of Infrastructure Package Contracts between QIC and its subsidiary, the Saudi Real Estate Infrastructure Company (Binyah), in collaboration with the Infraroad Contracting Co. LLC. The contract is valued at SAR 2.2 billion ($590 million).

The project’s scope of work encompasses the execution, testing and commissioning of the main infrastructure networks and bridges for the Qiddiya Resort Core. This includes primary and secondary roads, utilities networks, utility culverts, pedestrian bridges, and storm drainage channels. Additionally, the agreement covers the design, construction, testing, and commissioning of a sewage treatment plant, irrigation water storage tanks and pump station, potable water storage tank and pump station, and a solid waste transfer hub.

‘MEED’ further stated that the QIC is currently in the process of reviewing bids for the central construction contract of a 5,300-seat e-games arena within its sports complex. This proposed venue is designed to cater to the local, national and international e-gaming competitions. The broader development plan for the Qiddiya sports complex encompasses the construction of a stadium, a comprehensive multisports hub, dual golf courses, advanced training facilities, and a state-of-the-art aquatic center.

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