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

  • 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.”


Closing Bell: Saudi main index edges down 0.7% to close at 11,709

Updated 19 March 2025
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Closing Bell: Saudi main index edges down 0.7% to close at 11,709

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, as it shed 82.97 points or 0.70 percent to close at 11,709.43.

The total trading turnover of the benchmark index was SR4.55 billion ($1.21 billion), with 66 stocks advancing and 174 declining.

The Kingdom’s parallel market, Nomu, also shed 35.29 points to close at 30,683.64. The MSCI Tadawul Index declined by 0.59 percent to 1,484.07.

The best-performing stock on the main market was United International Holding Co. The firm’s share surged by 3.49 percent to SR172.

Conversely, the share price of the Mediterranean and Gulf Insurance and Reinsurance Co. declined by 10 percent to SR20.70.

On the announcements front, several major Saudi companies released their annual financial results for the period ending Dec. 31, 2024, showcasing mixed performances across industries.

Sahara International Petrochemical Co., also known as SIPCHEM, reported a 63.74 percent decrease in net profit, reaching SR462.1 million, compared to SR1.175 billion in the previous year. This decline was primarily due to higher feedstock and raw material costs, a decline in revenue, and decreased zakat expenses during the year.

The company saw a 2.99 percent drop in its share price on Wednesday to settle at SR21.46.

Rabigh Refining and Petrochemical Co. posted a 3.15 percent decrease in net profit, reaching SR4.54 billion, down from SR4.69 billion in the prior year. The company, in a statement to Tadawul, said this decline was due to a one-time expense, lower sales and margins, and higher costs of key feedstock.

Its share price saw a 0.43 percent increase to reach SR6.93.

Meanwhile, Saudi Real Estate Co. saw a significant 218.19 percent increase in net profit to SR215.1 million, up from SR67.7 million in the previous year. The increase was primarily attributed to a 42.64 percent increase in operating profit, a 181 percent increase in the company’s share of profit from an associate and the joint venture, and a 39 percent decrease in zakat expenses recorded during 2024.

Saudi Real Estate Co.’s stock price shed 1.76 percent to reach SR25.75.

The National Shipping Company of Saudi Arabia, or Bahri, reported a 34.46 percent increase in net profit, reaching SR2.169 billion, compared to SR1.613 billion in the previous year. The growth was driven by the improvement of operational performance and global shipping rates in several business units of the group.

The company’s stock price grew 2.33 percent to reach SR30.20.


Saudi Arabia dominates Forbes’ 2025 list of MENA’s most valuable banks

Updated 19 March 2025
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Saudi Arabia dominates Forbes’ 2025 list of MENA’s most valuable banks

  • Financial institutions from the Kingdom made up nearly a third of the total $600.8 billion market capitalization of the listed banks
  • Al-Rajhi Bank retained its position as the region’s most valuable bank, leading with a market capitalization of $105.6 billion

RIYADH: Saudi Arabia dominated Forbes’ “30 Most Valuable Banks 2025” ranking, with 10 entries boasting a combined market value of $269 billion. 

According to the business-focused media outlet, financial institutions from the Kingdom made up nearly a third of the total $600.8 billion market capitalization of the listed banks. 

The UAE followed with seven facilities valued at $153.4 billion, while Qatar contributed six banks worth $76.7 billion. Morocco and Kuwait placed three and two banks on the list, with market values of $23.7 billion and $68.4 billion, respectively. 

The Middle East and North Africa region’s banking sector remains resilient and is set for strong growth in 2025, driven by economic diversification, favorable financial conditions, and a projected 3.5 percent economic expansion fueled by infrastructure projects and rising non-oil activity, according to a recent report by Ernst & Young

In a statement announcing its latest rankings, Forbes said: “This year’s list features banks from seven countries, with 26 entries being Gulf-based. Saudi Arabia represents a third of the list with 10 entries, with an aggregate market value of $269 billion.”

The media firm noted that the total market value of the 30 banks increased by 3.4 percent year over year, rising from $581.1 billion in February 2024 to $600.8 billion as of Jan. 31, 2025. 

Al-Rajhi Bank holds the top spot 

Al-Rajhi Bank retained its position as the region’s most valuable bank, leading with a market capitalization of $105.6 billion — representing 17.6 percent of the total market value of the 30 banks. 

It was followed by Saudi National Bank at $54.7 billion, and the UAE’s First Abu Dhabi Bank, valued at $43.7 billion.

Beyond the top three, Qatar’s QNB Group and Kuwait Finance House ranked fourth and fifth, with market values of $41.2 billion and $38.3 billion, respectively. 

They were followed by the UAE’s Emirates NBD Group at $28.9 billion and Kuwait’s National Bank of Kuwait at $27.1 billion. 

Other notable banks in the ranking include Abu Dhabi Commercial Bank and Riyad Bank. The list also features banks from Morocco and Oman. 

A resilient sector 

MENA’s banking sector has shown stability over the past year, supported by higher interest rates and robust oil prices. 

According to a Fitch Ratings report published in 2024, the economic environment in the region has sustained liquidity levels, profitability, and strong capital buffers for most Gulf Cooperation Council banks. 

Forbes Middle East compiled the ranking based on reported market values of publicly listed banks across the Arab world as of Jan. 31, 2025. Subsidiaries of listed companies were excluded from the ranking, and currency exchange rates were taken as of the same date.


Saudi Arabia grants $97.5m exploration licenses for first mineral belts at Jabal Sayid, Al-Hajjar

Updated 19 March 2025
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Saudi Arabia grants $97.5m exploration licenses for first mineral belts at Jabal Sayid, Al-Hajjar

  • Jabal Sayid and Al-Hajjar cover a combined area of 4,788 sq. km
  • Among the successful bidders, Ajlan and Bros-Norin for Mining secured the license for the southern Al-Hajjar site
  • Competition saw 14 local and international companies submit bids after passing the pre-qualification stage

JEDDAH: Saudi Arabia has granted exploration licenses worth SR366 million ($97.5 million) to local and international companies for its first mineral belts at Jabal Sayid and Al-Hajjar.

These two sites, covering a combined area of 4,788 sq. km, are part of the Ministry of Industry and Mineral Resources’ efforts to accelerate the exploration and development of the Kingdom’s estimated SR9.3 trillion ($2.48 trillion) in mineral resources.

Among the successful bidders, Ajlan and Bros-Norin for Mining secured the license for the southern Al-Hajjar site.

A consortium consisting of Artar, Gold and Minerals Ltd Co., and Jacaranda, owned by Australian company Hancock Prospecting, won the license for the northern Al-Hajjar site. Vedanta Ltd, a major Indian mining giant, received the first exploration permit for the Jabal Sayid belt, while a second license for the same site went to a consortium of Ajlan & Bros Mining and Zijin Mining, a Chinese mining giant ranked among the world’s top five.

Saudi Arabia is focused on making mining a key pillar of its economy, alongside oil and petrochemicals. The Ministry of Industry and Mineral Resources is working to unlock natural resources to diversify the economy, create jobs, and position the Kingdom as a global mining hub in alignment with Vision 2030.

The competition saw 14 companies, both local and international, submit bids after passing the pre-qualification stage. The submissions were evaluated based on technical expertise, proposed work plans, and social and environmental commitments, according to the Ministry’s statement.

The newly awarded licenses cover two areas within the Jabal Sayid belt, which spans 2,892 sq. km and contains valuable minerals such as copper, zinc, lead, gold, and silver. Additionally, two more licenses were granted for the Al-Hajjar site, covering 1,896 sq. km and rich in natural resources.

The ministry emphasized that the involvement of major international mining companies like Zijin Mining, Hancock Prospecting, and Vedanta Ltd. underscores the growing global interest in Saudi Arabia's mining sector and the opportunities it offers through exploration license competitions.

It also confirmed that the total exploration investment from the winning companies will surpass SR366 million over the next three years, with an extra SR22 million pledged for community development projects near the mining sites, aimed at creating job opportunities for local residents.

Ajlan and Bros-Norin for Mining, which secured the southern Al-Hajjar site, will invest SR209 million in exploration, which includes over 119,000 meters of drilling. Furthermore, they will allocate SR11.2 million for community-focused initiatives, such as building intermediate schools for girls in nearby provinces.

The consortium of Artar, Gold & Minerals Ltd., and Jacaranda will invest more than SR62 million in exploration at the northern Al-Hajjar site, including 52,000 meters of drilling. They will also direct SR4.2 million toward local infrastructure projects.

Vedanta Ltd., the Indian mining giant, has committed SR33 million for exploration at Jabal Sayid 1, covering 22,000 meters of drilling. In addition, they will invest SR3 million in community development projects, focusing on local employment and training programs.

The consortium of Ajlan & Bros Mining and Zijin Mining has pledged approximately SR62 million for exploration at Jabal Sayid 2, including 51,000 meters of drilling. They will also allocate SR4 million for community initiatives, particularly aimed at developing road infrastructure in the surrounding area.

In line with these efforts, the Ministry of Industry and Mineral Resources has launched the second phase of the Mining Exploration Enablement Program, in collaboration with the Ministry of Investment, to mitigate risks for companies during the early stages of mining exploration.

The Kingdom also offers incentives under the mining investment system, such as allowing foreign companies to fully own operations and providing up to 75 percent funding for capital costs through the Saudi Industrial Development Fund.

During the fourth edition of the Future Minerals Forum, held in January, the Ministry of Industry announced the offering of 50,000 sq. km of mineralized belts containing gold, copper, and zinc.

This initiative is part of the ministry’s efforts to enhance exploration and create an attractive investment environment for local and international mining companies. Applications for these opportunities can be submitted through the Taadeen platform.


Egypt, India reaffirm $12bn trade target during ministerial meeting

Updated 19 March 2025
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Egypt, India reaffirm $12bn trade target during ministerial meeting

  • Minister of Investment and Foreign Trade Hassan El-Khatib emphasized Egypt’s commitment to attracting more Indian investments
  • Push positions India as Egypt’s sixth-largest trading partner

RIYADH: Egypt and India have reaffirmed their commitment to tripling bilateral trade from $4.2 billion in 2024 to $12 billion within five years, reinforcing a target set last year during a joint meeting. 

The pledge came during a trip to India by Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib, when he met with the Asian country’s Commerce and Industry Minister Piyush Goyal.

The push builds on a record $7.26 billion in bilateral trade during the 2021-22 financial year — a 75 percent rise from the previous year — positioning India as Egypt’s sixth-largest trading partner, according to the North African country’s Central Agency for Public Mobilization and Statistics. 

Trade fell to $4.6 billion between April 2023 and February 2024, largely due to the Israel-Hamas conflict and Houthi disruptions to Suez Canal traffic. 

Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib met with India’s Commerce and Industry Minister Piyush Goyal. Egyptian Cabinet/Facebook

El-Khatib emphasized Egypt’s commitment to attracting more Indian investments in key sectors such as renewable energy, chemicals, and automotive manufacturing, as well as pharmaceuticals, textiles, and information and communication technology. 

“Al-Khatib also highlighted the expected surge in Indian investments in Egypt in the coming period, especially in light of the major investment agreements concluded by Indian companies in the energy sector, including the signing of two agreements for the production of green hydrogen and green ammonia in Egypt with an investment cost of up to $12 billion, in addition to other Indian investments in various sectors,” an official release stated. 

The minister added that his country is ready to provide all necessary support and facilitation for Indian investors, highlighting Egypt’s efforts to create a favorable business climate by improving infrastructure, developing new ports, and enhancing existing facilities, including the Suez Canal Economic Zone.  

El-Khatib also underscored India’s growing presence in other industries within the Egyptian market.  

During the discussions, the minister extended an official invitation to Goyal to visit Egypt in 2025 to further strengthen bilateral economic ties and explore additional collaboration opportunities.  

“Goyal confirmed the ministry’s commitment to taking the necessary measures to facilitate the entry of Egyptian products into the Indian market, particularly agricultural exports,” the release added. 

The meeting also covered preparations for an upcoming visit by an Indian business delegation, led by the Asian country’s Ministry of Commerce and Industry and the Confederation of Indian Industry, to discuss the nation’s proposed industrial area in the Suez Canal Economic Zone.


Madinah’s licensed hospitality facilities grow by 93%: official data

Updated 19 March 2025
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Madinah’s licensed hospitality facilities grow by 93%: official data

  • Number of licensed rooms also saw growth, rising by 62% to nearly 62,000
  • Number of licensed hospitality facilities across Saudi Arabia exceeded 3,950 by the end of the third quarter of 2024

RIYADH: The number of licensed hospitality facilities in Madinah has surged to over 450 in 2024, marking a 93 percent increase compared to the previous year, according to the latest Ministry of Tourism data.

The number of licensed rooms also saw growth, rising by 62 percent to nearly 62,000. This increase positions Madinah as the third-leading city in Saudi Arabia for the number of licensed hospitality facilities, following Makkah and Riyadh.

This expansion aligns with the ministry’s commitment to enhancing service quality and supports the National Tourism Strategy’s goal of accommodating more than 37 million Hajj and Umrah travelers, thus strengthening both Islamic and national identity. It also reflects the broader growth of the Kingdom’s hospitality sector, extending beyond Makkah.

The total number of licensed hospitality facilities across Saudi Arabia exceeded 3,950 by the end of the third quarter of 2024, a 99 percent increase from the same period in 2023. Licensed rooms reached 443,000, a 107 percent rise from the previous year’s 214,000.

In a similar trend, Makkah’s hospitality sector also saw substantial growth. By the end of 2024, Makkah had 1,030 licensed facilities, reflecting an 80 percent increase compared to the previous year. This growth cements Makkah’s position as the leader in Saudi Arabia for the highest number of licensed facilities and rooms, underscoring the region's continued focus on enhancing the visitor experience, as reported by the Saudi Press Agency.

According to CoStar, a global real estate data provider, both Makkah and Madinah are expected to see continued development, with 17,646 and 20,079 rooms, respectively, in various stages of construction by 2025.

Saudi Arabia welcomed 30 million inbound tourists in 2024, up from 27.4 million in 2023, reflecting a strong growth trajectory. The Kingdom aims to attract 150 million visitors annually by 2030, with plans to increase the tourism sector’s contribution to the gross domestic product from 6 percent to 10 percent.

In preparation for the 2024 Hajj season, Makkah’s licensed hospitality facilities reached 816, providing 227,000 rooms to accommodate pilgrims. To further enhance the pilgrimage experience, authorities have introduced several new initiatives, including improved crowd management, digital meal distribution, and an expanded electric golf cart fleet at the Grand Mosque.

The General Authority for the Care of the Grand Mosque and the Prophet’s Mosque has also implemented spatial guidance systems and multilingual support to improve visitor navigation, ensuring a seamless pilgrimage experience.

Saudi Arabia’s growing hospitality and tourism sector reflects its ambition to become a global travel hub, catering to both religious and leisure visitors alike.