New board of directors for Saudi Arabia’s Qiddiya Investment Co.

Crown Prince Mohammed bin Salman will head the new Qiddiya board. (SPA/File photo)
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Updated 14 December 2019

New board of directors for Saudi Arabia’s Qiddiya Investment Co.

  • The PIF launched the Qiddiya project as an entertainment, sports and arts destination with more than 300 facilities

RIYADH: The Saudi Public Investment Fund (PIF) has approved a new board of directors for Qiddiya Investment Co. (QIC).

Crown Prince Mohammed bin Salman will head the new board. 

It consists of Prince Abdul Aziz bin Turki Al-Faisal, Prince Turki bin Hathloul bin Abdul Aziz, Prince Badr bin Abdullah bin Farhan, Majid bin Abdullah Al-Hogail, Ahmed bin Aqeel Al-Khatib, Eng. Ibrahim bin Mohammed Al-Sultan, Fahd bin Abdulmohsen Al-Rasheed, Eng. Faisal Bafarat, and Dr. Rakan Al-Harthy.

The PIF launched the Qiddiya project as an entertainment, sports and arts destination with more than 300 facilities particularly aimed at Saudi youth. 

It will occupy an area of 334 square kilometers west of Riyadh. 

The PIF hopes it will contribute to diversifying the Saudi economy, in line with Saudi Vision 2030.

In 2017, the PIF announced its 2018-2020 program —  one of 12 programs designed to help achieve Saudi Vision 2030 —  outlining its plans to contribute to the diversification of the economy and transform the Kingdom into a hub for international investment by next year. 

The goal was to raise the value of its managed assets to over $400 billion by 2020.

The PIF is the Kingdom’s main investment arm, and its goal is to become one of the largest and most influential sovereign wealth funds in the world. 

To achieve that, it is, according to a statement, “working to establish a diversified portfolio in accordance with the highest international standards by investing in attractive and long-term opportunities in various sectors and assets locally and internationally.”

It invests in four main areas: Saudi companies, real estate, Saudi mega-projects, and “promising sectors.”


Saudi foreign minister meets German officials

Updated 22 February 2020

Saudi foreign minister meets German officials

BERLIN: Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan, who is on an official visit to Berlin, on Saturday met Dr. Johann Wadephul, the deputy chairman of the ruling party's parliamentary bloc and the rapporteur on relations with the Middle East, Arab states of the Persian Gulf and Iran parliamentary committee, the Saudi Press Agency reported.

Prince Faisal and Wadephul reviewed the existing partnership between the two countries and ways to promote them according to their mutual interests. 

The minister had a separate meeting with Nils Schmid, who is spokesman for the Social Democratic Party for foreign affairs in the German Bundestag.

They discussed ways to enhance the partnership between the Kingdom and Germany, reviewing regional and international developments in order to achieve their common goals in enhancing security and stability.

On Friday, Prince Faisal met Armin Laschet, who is the premier of the German state of North Rhine-Westphalia. They reviewed  prospects for joint cooperation, in addition to exchanging views on the latest regional and international developments.

The Saudi minister also met Prof. Dr. Volker Perthes, who is CEO of the German Institute for International and Security Affairs. Aspects of cooperation were discussed, as well as the importance of the roles of international security institutes in exploring the reality of security challenges and finding solutions to them.

Prince Faisal also met the president of the German Federal Academy for Security Policy, Ekkehard Brose. They reviewed aspects of cooperation and ways of consolidating political and security dialogue at regional and international levels.