Qiddiya is in no rush to secure outside investors, developer says

• PIF financing for giga-project holds firm
• ‘Plenty of time for people to get involved’
• First hotel openings set for late 2026

Officials at Qiddiya say the giga-project has no urgent need to bring in foreign investment, insisting Saudi sovereign funding will comfortably support it for years to come.

The remarks follow a speech last month by Khalid Al Falih, Saudi Arabia’s investment minister, calling for the private sector to take a bigger role in driving the country’s growth.

Qiddiya is billed as the kingdom’s “city for play”, a $40 billion project outside Riyadh with a motor racing track, 12 theme parks, 40 sports venues and 27 entertainment attractions.

The Six Flags Qiddiya amusement park had its soft-opening earlier this month. Its official launch is expected on New Year’s Eve.

Like most of Saudi Arabia’s giga-projects, Qiddiya is backed by the Public Investment Fund.

“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.

“The support from the government and PIF is what has enabled us to make the progress we have. The investment required is significant.”

Parker said there was no urgency in the need for outside partners.

“That investment has been made by the sovereign wealth fund,” he said. “What that enables in the future is being able to invite people [to develop with us]. That initial investment allows us to seed opportunities for others.”

“Building a city the size of Las Vegas will take some time,” he added. “There is plenty of time for people to get involved.”

Qiddiya is one of the flagship projects of Vision 2030, Saudi Arabia’s diversification plan. But 2030 will not mark its completion. Executives now describe Qiddiya as a development intended to evolve over decades.

“This is a long-term, multi-generational undertaking,” Parker said. “With a city like Qiddiya, it never really ends.”

Several major attractions will open soon. The Aquarabia water park is due next year, while the Dragon Ball theme park is expected to open in about five years. Qiddiya is also one of the host cities for the 2034 Fifa World Cup, with a stadium scheduled for completion in 2029.

The city expects to develop around 120 hotels with 41,000 rooms over the next 20 years. The first openings are set for the end of next year.

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The apparent confidence comes despite signs that PIF has scaled back spending on its mega-developments.

The fund’s latest annual report, released in August, showed that its portfolio of development companies – including Neom, Qiddiya, Diriyah, Red Sea Global and Roshn Group – accounted for 6 percent of total assets under management in 2024, down from 8 percent the year before. This was a decline of SAR30 billion.

In March, sources told AGBI that PIF had ordered spending cuts across more than 100 of its companies, slowing projects and prompting layoffs. The fund has instructed a minimum 20 percent reduction in 2025 spending, including at more than 50 development companies, sources said.

In addition, Riyadh’s hosting of Expo 2030 and World Cup matches has made the capital a priority for government resources, which is likely to influence how PIF funding is allocated.