Saudi Arabia’s Qiddiya signs €6 billion deal to invest in France
Saudi Arabia’s Qiddiya
Investment Co. has signed a landmark agreement to develop three
entertainment cities in France in a project valued at around €6 billion
(approximately SAR 26 billion), marking a major expansion of the kingdom’s
entertainment ambitions onto the European stage.
The project, signed during the Saudi Crown Prince’s visit to
France, will be developed in the Cergy-Pontoise area and is expected to create
around 22,000 jobs.
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Qiddiya will lead the development, with the cities set to
feature entertainment attractions alongside hotels, restaurants and residential
communities. The residential component is expected to cater particularly to
young professionals and students, creating what proponents envision as a new
integrated destination for living, leisure and entertainment.
French President Emmanuel Macron described the initiative as
an “unprecedented project”, saying France and Saudi Arabia were working
together to transform the Cergy-Pontoise area into a new global destination.
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The agreement underscores the growing economic and
investment ties between Saudi Arabia and France, while giving Qiddiya a
prominent foothold in one of Europe’s major markets.
Source: Argaam
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