The Qiddiya Investment Company (QIC) and Samsung have signed an agreement to collaborate on a broad range of areas from engaging Samsung C&T for the design, engineering and construction of Qiddiya’s sports complex, to working with Samsung Electronics to become Qiddiya’s primary technology sponsor.
The extensive and powerful economic Memorandum of Understanding (MoU), signed at The Future Investment Initiative, also includes co-branding and naming rights for some of Qiddiya’s anchor facilities and enables QIC to work with a number of businesses under the Samsung umbrella.
After detailed discussions, held both in Saudi Arabia and Samsung’s headquarters in South Korea, the MoU was signed by Michael Reininger, CEO of QIC, and Young Ho Lee, President & CEO of Samsung C&T.
Speaking to Asharq Al-Awsat, Reininger said that QIC is continuing its strategies, pointing out that everything they are building and designing today will be state-of-the-art when the project opens in 2023.
Reininger did not disclose the value of the contract with Samsung, but stressed that the work will provide recreational, sports and technical facilities at the highest level in Qiddiya.
“This year, Qiddiya been advancing steadily on our journey from design to execution. 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,” commented Reininger.
“Samsung is proud to be a strategic partner for QIC. With the signing of the MOU between Qiddiya and Samsung, we are confident to leverage the full capabilities from both partners to deliver the most technologically advanced Entertainment, Sports and the Arts destination in the Kingdom of Saudi Arabia,” Wan Soo Kim, Senior Vice President of Samsung C&T said at the signing.