Riyadh, Sha'ban 7, 1439, Apr 23, 2018, SPA -- The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud will patronize on Wednesday "Qiddiya" Project which is the new entertainment, sports and cultural destination in the Kingdom. The project will be built in Al-Giddiya area, some 40 km west of capital, Riyadh. The ceremony of foundation stone will be attended by a host of local and international officials and a number of decision-makers, major investors and representatives of the regional and international companies, marking the launch of the project's formal infrastructure. The first phase will be completed by 2022. In a statement to Saudi Press Agency (SPA), Dr. Fahd bin Abdullah Tounsi, Secretary General of the Foundation Council of Qiddiya Project of the Public Investment Fund (PIF) said that the inauguration of this vital project is a real translation of the aspirations of the wise leadership in the Kingdom and its relentless efforts to develop mega projects that would contribute effectively to achieve many direct and indirect economic returns, and to advance sustainable development for the benefit of the homeland and the citizen in accordance with the sectors identified by the Kingdom Vision 2030. "About two-thirds of the Kingdom's population is under the age of 35. There is a great need for Qiddiya Project to provide them with entertainment. The project will save about $ 30 billion which will be used to develop the domestic economy and create new job opportunities for the Saudi youths," he added. For his part, Michael Reininger, Chief Executive of Qiddiya, commented that "we are delighted to be a key contributor to boost the Kingdom's economic development and investment, not only to the entertainment industry but also to projects that will develop the capabilities the Saudi young people". --SPA 20:59 LOCAL TIME 17:59 GMT www.spa.gov.sa/w675618