Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
Qiddiya is one of several large-scale entertainment projects in the Kingdom, dubbed the ‘capital of entertainment, sports, and the Arts.’ there is no doubting its importance as one of the cornerstones of the sector. (Supplied)
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Updated 04 August 2024
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Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
  • Theme park has huge ‘disruptive potential’ across global industry

RIYADH: The cultural landscape of Saudi Arabia is being enriched as the entertainment sector undergoes significant expansion.

The ambitious Saudi Vision 2030, which strives to diversify the economy and increase global engagement, is the driving force behind this broader cultural transformation.

One prime example of the Kingdom’s initiatives aimed at propelling the entertainment sector is the Qiddiya giga-project.

Launched in 2018 under the leadership of King Salman bin Abdulaziz, Qiddiya is an emerging capital for entertainment, sports and culture that aims to build destinations, programs and initiatives based on the power of play that will enhance the quality of life of visitors and residents.

Qiddiya’s role in propelling the Kingdom’s entertainment sector

Qiddiya is just one of several large-scale entertainment projects in the Kingdom but, dubbed the “Capital of Entertainment, Sports, and the Arts,” there is no doubting its importance as one of the cornerstones of the sector.

Canadian company AtkinsRéalis is the lead design consultancy for the project, and the firm’s Global Director of Creative, Theming and Show Design Bradley Caruk set out his vision for Qiddiya to  Arab News.

“Having worked in the global entertainment industry for the past 25 years, I have learnt we are all the same. Everyone wants to have fun. With major innovative parks like Six Flags Qiddiya City, we have the unexpected – a fully immersive story-driven theme park experience,” he said.

Caruk added that the attraction will have “the world’s tallest, longest, fastest rides”, and said: “We even support the storyline further by including original music compositions.”

Sector expert Jamie Ryder, a partner at Entertainment & Media Industry Group at law firm Reed Smith, told Arab News that Qiddiya has a huge amount of “disruptive potential.”




Jamie Ryder

He said: “In terms of Qiddiya’s disruptive potential, this is immediately clear when considering the sheer scale of the development.  When complete, Qiddiya will be home to over 600,000 residents and aims to attract 48 million visits per year.”

Ryder continued: “In addition to the specific, innovative – and in the case of Dragon Ball theme park – world’s first attractions Qiddiya will host, the focus on ‘play’ throughout the development, and the ability to host major sporting and entertainment events in cutting edge venues means that Qiddiya’s disruptive potential is significant.”

Partnerships that Qiddiya has established with local or international entities

Of those collaborations and partnerships that have been announced so far, it is very easy to quickly see the alignment with various elements of the Vision 2030 as well as reflecting the fact that Saudi society is a young, connected and vibrant population.

Ryder highlighted the Dragon Ball theme park – based on the popular Japanese animated series – as something that will appeal directly to young people in the Kingdom and beyond.

“Anime is incredibly popular in KSA with Saudi reported as having the largest share of anime viewers worldwide,” he said, adding: “With the UAE second in the world rankings for anime viewership, this promises to be a popular attraction enticing tourists from across the region.”

Ryder also cited the Six Flags theme park being the first outside of the Americas appealing to both Saudi youth and visitors.

He said one of the jewels in the crown of Qiddiya will be the Speed Park Track, which garnered significant attention in the motor racing world when the design was unveiled. The attraction comes as the popularity of Formula 1 in the region grows.

“Add to this mix the cutting-edge mixed-use Prince Mohammed Bin Salman Stadium, and dedicated gaming and esports neighborhood, and it is clear to see how Qiddiya will offer world-class attractions and experiences to locals and tourists,” he said

Firms’ roles in supporting the Saudi’s vision of developing a world-class entertainment experience

Several firms in the industry recognize Saudi Arabia’s vision of developing top attractions and world-class entertainment destinations in line with the high bar set from the big parks that have been around for over 50 years.

From AtkinsRéalis point of view, Caruk emphasized that the company’s multi-disciplinary teams understand guests’ expectations and work towards exceeding those expectations.

“We work as one team, but there are hundreds of us taking a concept and turning it into a reality – all with a common goal to make experiences memorable and timely,” he said.

“When we hear the phrase ‘That was awesome, can we go back there again’ that’s when we know we’ve done something right. Nothing like witnessing guests leaving our designed theme park with a sense of awe and a desire to return. We expect to hear a lot of these reactions in the years to come,” Caruk added.




Bradley Caruk

He was keen to emphasize the pride his firm has in working on the project, saying: “Our commitment to Saudi’s Vision 2030 is unwavering, and we value our partnership with Qiddiya, where we contribute to creating unparalleled fun.”

Qiddiya’s alignment with the Saudi Vision 2030

There is no doubt that Qiddiya plays a major role in Saudi Arabia’s 2030 vision, aiming to become a leading destination for entertainment, work, sports and daily life.   

While economic diversification is at the heart of Vision 2030, promoting culture and entertainment in the Kingdom was included as one of the key goals for Vision 2030 when it was first announced in 2016.

A vibrant society, thriving economy, and an ambitious nation are three key pillars of the Vision.

From Reed Smith’s viewpoint, Ryder said: “As such, the role of Qiddiya is not just about economic diversification but, like so many of the projects in KSA, it is about enhancing the quality of life for Saudi citizens and tourists alike with Quality of Life also being one of the Vision 2023 key Vision Realization Programs.”

He added: “The Quality of Life VRP was launched in 2018 with the aim of transforming Saudi Arabia into a world-renowned sports and entertainment location, and a global tourism hotspot and there can be little doubt that Qiddiya is a key element of this program.”

From AtkinsRéalis’ perspective, Caruk believes Qiddiya City will be a “premier destination” for play, adding: “It has something for everyone – a rarity in this region. The complexity and diversity of experiences across the whole development are truly remarkable and will also set a precedent for future developments across the globe”.

He went on: “Today, entertainment is a multi-billion-dollar industry and Qiddiya will play a major role in helping realize people’s dreams. At AtkinsRéalis, we feel fortunate to be hands-on and part of this groundbreaking project.”


SABIC, Almarai, SEC able to absorb fuel price hike: S&P Global

SABIC, Almarai, SEC able to absorb fuel price hike: S&P Global
Updated 23 sec ago
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SABIC, Almarai, SEC able to absorb fuel price hike: S&P Global

SABIC, Almarai, SEC able to absorb fuel price hike: S&P Global

RIYADH: Major Saudi companies, including chemical company SABIC, dairy firm Almarai, and Saudi Electric Co., are well-positioned to handle the impact of higher fuel and feedstock prices introduced on Jan. 1, according to a new report.

Released by capital market economy firm S&P Global, the analysis reveals that those corporates will be able to absorb the marginal increase in production costs by further improving operational efficiencies as well as potentially via pass-through mechanisms.

This came after Saudi Aramco increased diesel prices in the Kingdom to SR1.66 ($0.44) per liter, effective Jan. 1, marking a 44.3 percent rise compared to the start of 2024. The company has kept gasoline prices unchanged, with Gasoline 91 priced at SR2.18 per liter and Gasoline 93 at SR2.33 per liter.

Despite the hike, diesel prices in Saudi Arabia remain lower than those in many neighboring Arab countries. In the UAE and Qatar, a liter of diesel is priced at $0.73 and $0.56, respectively, while in Bahrain and Kuwait, it costs $0.42 and $0.39 per liter.

“For SABIC and Almarai, the increase in feedstock prices will not affect profitability significantly. In the case of utility company, SEC, additional support will likely come from the government if needed,” the report said.

The capital market economy firm projects that SABIC will continue to outperform global peers on profitability.

“We don’t expect the rise in feedstock and fuel prices to materially affect profitability, since the company estimates it will increase its cost of sales by only 0.2 percent,” the report said.

It further highlighted that SABIC is considered a government-related entity with a high possibility of receiving support when needed.

The report also underlines that Almarai anticipates an additional SR200 million in costs for 2025, driven by higher fuel prices and the indirect effects of increased expenses across other areas of its supply chain.

“We believe Almarai will continue focusing on business efficiency, cost optimization, and other initiatives to mitigate these impacts,” the release stressed.

With regards to SEC, S&P said that an unrestricted and uncapped balancing account provides a mechanism for government support, including related to the higher fuel costs.

“We believe any increased fuel cost will be covered by this balancing account,” the report said.

The study further highlights that the marginal increase “could significantly affect wider Saudi corporations’ profit margins and competitiveness.”

The S&P data also suggests that additional costs will be reflected in companies’ financials from the first quarter of 2025.

“Saudi Arabia is continuing its significant and rapid transformation under the country’s Vision 2030 program. We expect an acceleration of investments to diversify the Saudi economy away from its reliance on the upstream hydrocarbon sector,” the report said.

“The sheer scale of projects — estimated at more than $1 trillion in total — suggests large funding requirements. Higher feedstock and fuel prices would help reduce subsidy costs for the government, with those savings potentially redeployed to Vision 2030 projects,” it added.


Lenovo to produce ‘Saudi Made’ PCs by 2026 following $2bn Alat deal closure

Lenovo to produce ‘Saudi Made’ PCs by 2026 following $2bn Alat deal closure
Updated 18 min 45 sec ago
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Lenovo to produce ‘Saudi Made’ PCs by 2026 following $2bn Alat deal closure

Lenovo to produce ‘Saudi Made’ PCs by 2026 following $2bn Alat deal closure

RIYADH: Chinese tech giant Lenovo is set to manufacture millions of computer devices in Saudi Arabia by 2026, following the completion of a $2 billion investment deal with Alat, a subsidiary of the Public Investment Fund. 

First announced in May, the partnership has now received shareholder and regulatory approvals, paving the way for Lenovo to establish a regional headquarters and a manufacturing facility in the Kingdom. 

The deal marks a significant step in aligning Lenovo’s growth ambitions with Saudi Arabia’s Vision 2030 goals of economic diversification, innovation, and job creation, the company said in a press release. 

The factory will manufacture millions of PCs and servers every year using local research and development teams for fully end-to-end “Saudi Made” products and is expected to begin production by 2026, it added. 

“Through this powerful strategic collaboration and investment, Lenovo will have significant resources and financial flexibility to further accelerate our transformation and grow our business by capitalizing on the incredible growth momentum in KSA and the wider MEA region,” Yang said. 

He added: “We are excited to have Alat as our long-term strategic partner and are confident that our world-class supply chain, technology, and manufacturing capabilities will benefit KSA as it drives its Vision 2030 goals of economic diversification, industrial development, innovation, and job creation.” 

Amit Midha, CEO of Alat, underscored the significance of the partnership for both Lenovo and the Kingdom. 

“We are incredibly proud to become a strategic investor in Lenovo and partner with them on their continued journey as a leading global technology company,” said Midha. 

“With the establishment of a regional headquarters in Riyadh and a world-class manufacturing hub, powered by clean energy, in the Kingdom of Saudi Arabia, we expect the Lenovo team to further their potential across the MEA region,” he added. 

The partnership is expected to generate thousands of jobs, strengthen the region’s technological infrastructure, and attract further investment into the Middle East and Africa, according to the press release. 

In May, Lenovo raised $1.15 billion through the issuance of warrants to support its future growth plans. The initiative, which was fully subscribed by investors, signals confidence in Lenovo’s strategic approach and its plans for global expansion. 

The investment deal was advised by Citi and Cleary Gottlieb Steen & Hamilton for Lenovo, while Morgan Stanley and Latham & Watkins represented Alat. 


Lebanon’s bonds climb as parliament elects first president since 2022

Lebanon’s bonds climb as parliament elects first president since 2022
Updated 47 min 1 sec ago
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Lebanon’s bonds climb as parliament elects first president since 2022

Lebanon’s bonds climb as parliament elects first president since 2022

LONDON: Lebanon’s government bonds extended a three-month long rally on Thursday as its parliament voted in a new head of state for the crisis-ravaged country for the first time since 2022.

Lebanese lawmakers elected army chief Joseph Aoun as president. It came after the failure of 12 previous attempts to pick a president and the move boosts hopes that Lebanon might finally be able to start addressing its dire economic woes.

Lebanon’s battered bonds have almost trebled in value since September when the regional conflict with Israel weakened Lebanese armed group Hezbollah, long viewed as an obstacle to overcoming the country’s political paralysis.

Most of Lebanon’s international bonds, which have been in default since 2020, rallied after Aoun’s victory was announced to stand between 0.8 and 0.9 cents higher on the day and at nearly 16 cents on the dollar.

They have also risen almost every day since late December, although they remain some of the lowest priced government bonds in the world, reflecting the scale of Lebanon’s difficulties.

With its economy still reeling from a devastating financial collapse in 2019, Lebanon is in dire need of international support to rebuild from the war, which the World Bank estimates to have cost the country $8.5 billion.

(Reporting by Marc Jones and Karin Strohecker Editing by Gareth Jon


Closing Bell: Saudi main index closes in green at 12,097

Closing Bell: Saudi main index closes in green at 12,097
Updated 09 January 2025
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Closing Bell: Saudi main index closes in green at 12,097

Closing Bell: Saudi main index closes in green at 12,097

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 9.01 points, or 0.07 percent, to close at 12,097.75. 

The total trading turnover of the benchmark index was SR7.48 billion ($1.99 billion), as 96 stocks advanced, while 133 retreated.    

The MSCI Tadawul Index decreased by 3.28 points, or 0.22 percent, to close at 1,510.14. 

The Kingdom’s parallel market, Nomu, surged, gaining 251.24 points, or 0.82 percent, to close at 31,027.39. This comes as 56 of the listed stocks advanced, while 32 declined. 

The best-performing stock was Nice One Beauty Digital Marketing Co. for the second day in a row, with its share price increasing by 7.69 percent to SR49. 

Other top performers included Fawaz Abdulaziz Alhokair Co., which saw its share price rise by 6.5 percent to SR14.74, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which saw a 4.42 percent increase to SR35.45. 

Arabian Pipes Co. and Dr. Sulaiman Al Habib Medical Services Group also saw positive change with their share prices moving up by 4.10 percent and 3.89 percent to SR12.70 and SR298.80, respectively. 

The worst performer of the day was Salama Cooperative Insurance Co., whose share price fell by 5.88 percent to SR19.52. 

Almoosa Health Co. and Al Hassan Ghazi Ibrahim Shaker Co. also saw declines, with their shares dropping by 5.13 percent and 3.91 percent to SR133.20 and SR28.25, respectively.   

On the announcements front, Riyad Bank declared its intention to fully redeem its $1.5 billion fixed-rate reset tier 2 sukuk, issued in February 2020, on Feb. 25, 2025.  

According to a Tadawul statement, the sukuk originally maturing in 2030, will be redeemed at face value in accordance with the terms and conditions. The redemption, approved by the regulators, will include any accrued but unpaid periodic distributions.  

On the redemption date, Riyad Sukuk Limited will deposit the full amount into the accounts of sukuk holders, marking the completion of the issuance. This redemption will conclude the sukuk’s life, with no remaining value post-redemption. 

Riyad Bank ended today’s trading session edging up by 0.91 percent to SR27.85.


Rotana eyes growth in smaller Saudi cities amid hospitality expansion

Rotana eyes growth in smaller Saudi cities amid hospitality expansion
Updated 09 January 2025
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Rotana eyes growth in smaller Saudi cities amid hospitality expansion

Rotana eyes growth in smaller Saudi cities amid hospitality expansion

RIYADH: Rotana Hotels is turning its attention to smaller cities in Saudi Arabia as part of its ambitious growth strategy to strengthen its presence in the Kingdom. 

Speaking on the sidelines of the third Saudi Tourism Forum, the firm’s Chief Operating Officer Eddy Tannous told Arab News the company is engaging with tourism authorities, development funds, and private investors to explore opportunities in emerging destinations such as Al-Baha and Asir.

Rotana has previously announced its plans to develop nine new properties in Saudi Arabia, five of which are scheduled to open in 2025. This follows the launch of three hotels in 2024, including Nova M, the first Edge by Rotana property, as well as Dar Rayhaan by Rotana in Alkhobar and Al Manakha Rotana in Madinah.

Tannous said: “We have development on properties that will probably open in the next, I want to say, two to five years. Probably six to eight properties in those tertiary cities where it’s becoming a destination that people want to go to as well.”

With Saudi Arabia ranking third globally for international tourist arrival growth in 2024, with a 25 percent increase compared to the previous year, the Kingdom’s hospitality sector is seeing rapid growth.

The company’s goal is to triple its current key count in the Kingdom to 6,000 within the next three years, bolstered by strong demand for hospitality services.

Rotana’s upcoming developments, including Yasmina Rayhaan by Rotana in Riyadh, aim to meet this increasing demand.

“We are a regional brand. We are a brand that grew up in this region, so Saudi Arabia has always been a focus for us. But I think with the announcement of Vision 2030, it became more of a catalyst for us to continue focusing on Saudi Arabia,” Tannous said.

He added: “Saudi Arabia is the region or is the country in this Middle East region that’s growing the fastest and that’s growing with the biggest magnitude from a hospitality standpoint. Our main focus in Saudi Arabia is to focus both on the government sector projects and individual investors.”

Rotana’s expansion strategy is also geared toward major international events, including Saudi Arabia’s hosting of the FIFA World Cup in 2034. This event is expected to attract millions of visitors, creating significant opportunities for the hospitality sector.

Commenting on the company’s plans, Rotana CEO Philip Barnes said in a press release: “We see tremendous potential for expansion in Saudi Arabia. Our ambitious pipeline for KSA underscores our commitment to the hospitality and tourism sectors, both in the Kingdom and regionally, as demand for business and leisure travel soars to new heights in anticipation of major events such as the FIFA World Cup 2034.”

Beyond Saudi Arabia, Rotana is expanding across the Middle East, Africa, Eastern Europe, and Turkiye, where it currently operates 81 properties. The company has a pipeline of 36 new properties in 22 cities, including its projects in Saudi Arabia.

Rotana is also strengthening its presence in key markets such as the UAE, Turkiye, and Africa, where demand for leisure and business travel is on the rise.

“As a company today, we run 86 properties in the world. Some of our source markets to Dubai and Abu Dhabi, which are two of our biggest markets, include the UK, Germany, and Russia,” Tannous said.

Rotana is also preparing for significant updates to its loyalty program, which are expected to be announced later this year — although details remain under wraps.

“It’s not something I can talk about today, but we will hopefully in 2025,” Tannous said. “The most exciting thing for me right now is what we’re doing on our loyalty program because that will open the door for bank partnerships, credit card partnerships, airline partnerships.”

Rotana’s expansion in Saudi Arabia and beyond reflects its commitment to meeting the growing demand for hospitality services while positioning itself as a leader in both regional and international markets.