Samsung, Saudi mega-city developer Qiddiya ink cooperation MoU at FII

The developer of Saudi Arabia’s entertainment mega-city, Qiddiya Investment Company (QIC), signed with Samsung on Tuesday an agreement to cooperate on several fronts, including the design, engineering, and construction of Qiddiya’s sports complex in Saudi Arabia.

The Memorandum of Understanding (MoU), which was signed at the global Future Investment Forum in Riyadh also explores potential partnerships in the fields of electronics, sponsorship, and construction.

After bilateral talks both in Saudi Arabia and Samsung’s headquarters in South Korea, the MoU was signed by Michael Reininger, chief executive officer of QIC, and Young Ho Lee, President & CEO of Samsung C&T.

“The signing of this milestone MoU between Qiddiya and Samsung C&T, an industry leader and global pioneer, demonstrates our commitment to achieving our dual goals of creating an unprecedented destination that enriches the lives of Saudi citizens while driving social and economic diversification within the Kingdom of Saudi Arabia,” Reininger said in a statement.

Located just 45 km from Riyadh, the 334 square kilometer Qiddiya development will cover 30 percent of the land while the rest will be dedicated for natural conservation.

Some of the entertainment facilities at Qiddiya will include training academies, desert and asphalt tracks for motorsports enthusiasts, a sports center, water and snow activities, outdoor adventures and safaris.

The development project of the city will include a range of retail, residential, community services and commercial support facilities.