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Saudi Arabia Prepares to Launch Qiddiya Entertainment Project

Preparations for Qiddiya (By: Khalid al-Khamis)
Preparations for Qiddiya (By: Khalid al-Khamis)
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Saudi Arabia Prepares to Launch Qiddiya Entertainment Project

Preparations for Qiddiya (By: Khalid al-Khamis)
Preparations for Qiddiya (By: Khalid al-Khamis)

Saudi Arabia is preparing to lay the cornerstone for Al-Qiddiya entertainment city, in Riyadh, amid signs indicating this project will change investment in the entertainment sector. Qiddiya will be one of the most specialized international projects capable of attracting visitors and investments.

Saudi Public Investment Fund (PIF) recently signed an agreement with Six Flags, a world leader in recreational parks, to develop and design a brand park in al-Qiddiya, the Kingdom's first leisure, sports and cultural destination.

The development of Qiddiya Park is part of the overall of Vision 2030, which aims to enhance the culture and leisure sector and build a world-class entertainment environment by attracting local and international investors and partnering with international entertainment companies.

PIF issued a statement announcing the cooperation with Six Flags and stating that entertainment sector has an important role to play in the transformation of Saudi Arabia’s economy.

“The Six Flags-branded theme park in Riyadh and other similar developments will create new employment opportunities and harness the talent, energy and imagination of Saudi youth. Our investment in this sector is in line with our mission and delivers on a key element of Vision 2030,” PIF added.

Meanwhile, Chief Executive of Qiddiya Michael Reininger said that by partnering with a global leader, an exceptional outcome will be delivered.

“Our goal is to create an exciting one-of-a-kind destination that will draw visitors throughout Saudi Arabia to experience record-breaking roller coasters, innovative rides and attractions, as well as the sporting and cultural facilities that Qiddiya will offer,” indicated Reininger.

For his part, President of Six Flags International Development Company David McKillips said that innovation is synonymous with the Six Flags brand, and the international licensing business provides a unique opportunity to continue its strong global growth.

“We see great potential in the Saudi Arabian market and look forward to collaborating with the PIF to create a world-class entertainment destination for Saudi Arabia’s young and dynamic population,” according to McKillips.

First phase of the development of Qiddiya will be launched in 2022 as an iconic entertainment destination of the Kingdom and the home of activity, discovery and engagement.

Visitors will have access to recreational and educational facilities across six designed clusters: Theme Parks; Wheels and Wings; Scenic and Animal Encounters; Water and Snow; Sports; Events, Culture and Education.

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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
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US Applications for Jobless Claims Fall to 201,000, Lowest Level in Nearly a Year

A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)
A help wanted sign is displayed at a restaurant in Chicago, Ill., Nov. 25, 2024. (AP Photo/Nam Y. Huh, File)

US applications for unemployment benefits fell to their lowest level in nearly a year last week, pointing to a still healthy labor market with historically low layoffs.

The Labor Department on Wednesday said that applications for jobless benefits fell to 201,000 for the week ending January 4, down from the previous week's 211,000. This week's figure is the lowest since February of last year.

The four-week average of claims, which evens out the week-to-week ups and downs, fell by 10,250 to 213,000.

The overall numbers receiving unemployment benefits for the week of December 28 rose to 1.87 million, an increase of 33,000 from the previous week, according to The AP.

The US job market has cooled from the red-hot stretch of 2021-2023 when the economy was rebounding from COVID-19 lockdowns.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Friday, they’re expected to show that employers added 160,000 jobs last month.

On Tuesday, the government reported that US job openings rose unexpectedly in November, showing companies are still looking for workers even as the labor market has loosened. Openings rose to 8.1 million in November, the most since February and up from 7.8 million in October,

The weekly jobless claims numbers are a proxy for layoffs, and those have remained below pre-pandemic levels. The unemployment rate is at a modest 4.2%, though that is up from a half century low 3.4% reached in 2023.

To fight inflation that hit four-decade highs two and a half years ago, the Federal Reserve raised its benchmark interest rates 11 times in 2022 and 2023. Inflation came down — from 9.1% in mid-2022 to 2.7% in November, allowing the Fed to start cutting rates. But progress on inflation has stalled in recent months, and year-over-year consumer price increases are stuck above the Fed’s 2% target.

In December, the Fed cut its benchmark interest rate for the third time in 2024, but the central bank’s policymakers signaled that they’re likely to be more cautious about future rate cuts. They projected just two in 2025, down from the four they had envisioned in September.