Progress so far unaffected by COVID-19: Philippe Gas QIDDIYA: Qiddiya Investment Co. (QIC) is developing a key real estate project within Qiddiya that will include residential, commercial and office units to attract companies, CNBC Arabia reported, citing CEO Philippe Gas. The project has a main sports component, which will be developed in cooperation with the Saudi Ministry of Sports, in order to host part of the activities of the Asian Games. QIC will commence work for the first phase of the project this year. Infrastructure works carried out so far have not been affected by COVID-19, Gas said. A number of activities will be inaugurated by 2023, such as the Six Flags park and an entertainment area, he said, adding that real estate developments and other assets are also being planned. QIC will work with Saudi firms to develop the local economy, while international companies will be sought only in the event of lack of local expertise. The project is receiving global attention, with in-depth discussions being held with potential investors across various sectors, which is key for diversifying the Saudi economy, said Gas. Qiddiya is part of the Kingdom’s tourism strategy and represents a hub for attracting tourists, especially in light of Riyadh’s population growth, he added. The project comprises 500 employees, 60 percent of whom are Saudis, with a plan to increase their number over the coming years, Gas said. QIC is fully owned by the Kingdom’s Public Investment Fund and is subject to Saudi laws. The project is located an hour from King Khalid International Airport and 40 minutes from the center of Riyadh, covering an area of 334 sq. km.