GIGA PROJECTS 

MOMENTUM BUILDS FOR SAUDI GIGA-PROJECTS INVESTMENT

Qiddiya City, one of Saudi Arabia’s flagship giga-projects, has made a significant leap forward following a landmark partnership between Qiddiya Investment Company and Six Flags Entertainment Corporation, North America’s largest regional amusement-resort operator. Six Flags has been appointed the ocial operator for two of Qiddiya’s most anticipated attractions: Six Flags Qiddiya City and Aquarabia Water Theme Park. 

Spanning over 334 square kilometres (sq km) near Riyadh, Qiddiya aims to welcome tens of millions of visitors each year, contributing significantly to the kingdom’s GDP. The world-class destination is located in the heart of the Tuwaiq Mountains, just 40 minutes from the Saudi capital. Qiddiya City is expected to be home to half a million people, in addition to creating hundreds of thousands of jobs, and pathways for a host of new careers. 

Meanwhile, Aquarabia Water Theme Park will be located adjacent to Six Flags Qiddiya City, complementing the thrills of its neighbour with 22 water rides and attractions. Among its signature features are the world’s tallest water coaster and double-loop water slide.

Qiddiya is one of Vision 2030’s cornerstone projects and is designed to be a tourist magnet and job creator, supporting local talent development and boosting the domestic entertainment industry. With multi-billion-dollar investments backing Qiddiya City, the theme parks are expected to generate thousands of direct and indirect jobs, nurturing local talent across hospitality, entertainment, engineering, and management sectors. 

HISTORIC DIRIYAH SITE BREAKS GROUND

Meanwhile, Diriyah giga-project, located 15 minutes northwest of Riyadh is also making progress. Diriyah is home of the At-Turaif UNESCO World Heritage Site, the mud-brick city featuring traditional Najdi architectural styles. It was the birthplace of the Kingdom of Saudi Arabia, and the original home of House Al Saud.

The USD 62.2 billion development, a project under the Public Investment Fund (PIF), is designed to be a sustainable landmark, Diriyah is delivering initiatives focused on water conservation, energy effciency, wellness, culture and heritage preservation, and climate change resilience. This new city is 100% walkable, promoting a healthy population. 

Earlier this year, Diriyah opened two major electricity substations that will accelerate the rollout of strategic assets in Diriyah and Wadi Safar, its gated community. Operated by the Saudi Electricity Company (SEC), the newly commissioned 1707 megavolt amperes (MVA) bulk substation and 200 MVA primary substation are among the first core infrastructure projects to feature architectural elements inspired by the Najdi design. 

Last year, a USD 2.13 billion joint venture construction contract was awarded for the development of the Royal Equestrian & Polo Club, and four world-class hotels including Aman, Six Senses, The Chedi, and Faena. Wadi Safar is also the location for the prestigious 27-hole Signature Golf Course designed by Greg Norman and the Royal Golf Club. 

Diriyah is one of the five giga-projects being developed under the PIF’s strategic direction. The broader development is expected to host 100,000 residents and create over 178,000 jobs across its various components. By 2030, Diriyah is projected to attract 50 million visits annually and contribute an estimated USD 18.6 billion to Saudi Arabia’s GDP.

RISING ON THE RED SEA

The Red Sea Global (RSG) launched in April the 110-room Nammos Resort Amaala at its Triple Bay development. The partnership marks Nammos Hotels & Resorts’ first hotel outside of Greece, bringing its iconic Cycladic elegance and world-renowned hospitality to Saudi Arabia. 

The first masterplan of Amaala, centred on the Triple Bay development, is progressing well, with the first guests expected to arrive in 2025 at the destination’s 1,400 keys across eight hotels. Triple Bay will eventually feature 12 resorts and three residential communities.

Amaala will boast 4,000 hotel rooms across 30 hotels, along with approximately 1,200 luxury residential villas, apartments, and estate homes. The development will also include vibrant marinas for the global yachting community. 

COMBINING COMMERCE WITH LEISURE

In May, the Neom board of directors announced the appointment of Eng. Aiman Al-Mudaifer as board member, managing director, and chief executive offcer (CEO).

Neom, a major giga-project on the kingdom’s west coast, is also set to launch a port in 2026.

“Development of Port of NEOM continues at pace ahead of the 2026 opening of Terminal 1, a next-generation container terminal, with recent infrastructure milestones including the completion of a 900-metre quay wall and the deepening of the port channel to 18.5 metres – enabling the world’s largest vessels transiting the Suez Canal to call at Port of NEOM,” according to the company.