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Qiddiya Lays Foundation for World’s Largest Entertainment Project

CEO of Qiddiya reveals more details on megaproject (Photo by Khaled Al-Khamis)
CEO of Qiddiya reveals more details on megaproject (Photo by Khaled Al-Khamis)
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Qiddiya Lays Foundation for World’s Largest Entertainment Project

CEO of Qiddiya reveals more details on megaproject (Photo by Khaled Al-Khamis)
CEO of Qiddiya reveals more details on megaproject (Photo by Khaled Al-Khamis)

CEO of Qiddiya Investment Company (QIC) stressed that the entertainment megaproject will start receiving its first visitors in 2023.

He gave details on the project and five development areas with international standards, saying negotiations have been taking place with international investment funds.

Details of the Six Flags project will be unveiled in August, CEO Mike Reininger said during a ceremony to reveal more details on the general plan on Wednesday.

He noted that up to 50 companies are working on the project.

In response to a question by Asharq Al-Awsat on investments in Qiddiya, Reininger said negotiations with global investment funds are taking place, stressing that a number of investors and funds expressed interest in investing in the megaproject.

He said that more than $10 billion are spent each year by Saudis in tourism trips to destinations similar to Qiddiya but abroad, adding that the company aims at creating a competitive environment in the Kingdom.

“Whoever arrives in Saudi Arabia as a destination for tourism will look for entertainment sites and will find a convenient location for leisure tourism,” Reininger noted.

He explained that reaching Qiddiya will be easy with the availability of a metro linking Riyadh to it, affirming QIC’s work on setting up a train service linking central Riyadh directly to Qiddiya.

Regarding the challenges the desert environment poses for an entertainment project such as Qiddiya, Reininger said it took the issue into consideration while designing the project area.

Nine wells will be drilled and water will be delivered from Riyadh and later re-filtered, he explained.

“We look forward in Qiddiya to offer the project’s visitors rich experiences,” he said.

“For this reason,” he added, “we are committed to supporting these experiences in new and innovative means that come in line with the local culture and raising the level of personal and professional aspirations, contributing positively to Saudi Vision 2030.”

More than 20 architecture companies have been contracted to work on the project, and a team of more than 500 professionals from 30 countries assembled in conjunction with Danish architecture and building company Bjarke Ingels Group (BIG), which is constructing tower blocks and arts, cultural and sports facilities.

In June, QIC unveiled the master plan of the mega entertainment city, which has been divided into five major development zones, namely Resort Core, City Center, Eco Core, Motion Core and the Golf and Residential Neighborhood.

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Sustainable Finance: From Ethical Choice to a Key Driver of Profitability in Global Markets

A worker cleans solar panels, a sustainable energy option that is gaining popularity among homes and farms for generating electricity (Reuters). 
A worker cleans solar panels, a sustainable energy option that is gaining popularity among homes and farms for generating electricity (Reuters). 
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Sustainable Finance: From Ethical Choice to a Key Driver of Profitability in Global Markets

A worker cleans solar panels, a sustainable energy option that is gaining popularity among homes and farms for generating electricity (Reuters). 
A worker cleans solar panels, a sustainable energy option that is gaining popularity among homes and farms for generating electricity (Reuters). 

As the world undergoes rapid economic and environmental transformations, sustainable finance has emerged as a central player in global markets, not merely as an ethical choice, but as a tangible investment opportunity with measurable returns.

Sustainable finance is defined as the integration of environmental, social, and governance (ESG) considerations into investment decisions, fostering long-term investments in sustainable economic activities and projects.

With the growing risks of climate change and heightened investor awareness of environmental and social responsibility, it is clear that ignoring sustainability standards is no longer a regulatory oversight, but a strategic mistake that could cost companies and investors dearly.

This reality raises fundamental questions about the relationship between profit and sustainability, and whether sustainable finance can truly balance financial performance with social responsibility.

Adopting Sustainable Practices

Mohammed Al-Faraj, Senior Head of Asset Management at Arbah Capital, stressed that sustainable finance has evolved from an ethics-driven choice reliant on corporate goodwill or government support into an effective investment tool and long-term profitability driver.

He explained that this shift stems from investors realizing that companies adopting sustainable practices are built on stronger, more stable foundations. The growing economic value of sustainability is now the primary driver behind corporate adoption.

Studies show that companies integrating sustainability standards attract top talent, build stronger brands, and reduce long-term operating costs through efficient resource and energy use. Over the past five years, sustainable finance instruments - such as green bonds and sustainable investment funds - have outperformed traditional ones. These funds also proved more resilient during economic crises, showing less volatility, reflecting sustainable companies’ stronger risk-management capabilities.

Al-Faraj noted that sustainable investment is less risky in the long term, as it accounts for factors often missed in traditional financial analysis, such as climate change, human rights risks, and corrupt governance. This approach acts as a “risk shield” by helping companies comply with increasing environmental and social regulations, avoid fines or penalties, and remain resilient to market shocks.

 

While the initial costs of sustainability may affect short-term competitiveness, they provide a lasting advantage over time. Al-Faraj concluded that sustainable finance is a natural evolution in investment philosophy, redefining the link between profit and responsibility, and guiding smart investors toward building wealth on solid, sustainable foundations in a risk-laden world.

 

Global Shifts

Financial and economic consultant Dr. Hussein Al-Attas echoed this view, saying sustainable finance is no longer merely an ethical stance or a marketing framework, but is now an investment option driven by pure economic logic. Amid climate shifts, global regulatory changes, and evolving investor behavior, market indicators in recent years have shown that companies and funds applying sustainability standards achieve better long-term financial performance with lower volatility and risk.

The consultant noted that while government support remains helpful, it is no longer the sole factor. Institutional investors, pension funds, and global asset managers are adopting sustainability strategies to achieve higher returns with reduced risk.

He continued that sustainable investment enables early regulatory compliance, reduces environmental damage that could lead to lawsuits or penalties, builds strong market reputations that boost customer and investor loyalty, and improves operational efficiency through innovation, energy efficiency, and resource management.

Al-Attas further emphasized that sustainability is no longer an operational burden but a strategic investment in corporate continuity and growth. He concluded that sustainable finance has become a prerequisite for profitability and success in global markets, and ignoring it could leave companies behind.