Skip to site menu Skip to page content

Daily Newsletter

11 December 2023

Daily Newsletter

11 December 2023

QIC reveals urban plan of Qiddiya City in Saudi Arabia

The city is set to create roughly 325,000 new job opportunities.

December 11 2023

Saudi Arabia-based Qiddiya Investment Company (QIC) has revealed the urban design of Qiddiya City in Saudi Arabia.

According to a press release posted on Zawya, Saudi Crown Prince, Prime Minister, and QIC board of directors chair Mohammad bin Salman bin Abdulaziz revealed the urban design.

Located in the country's capital, Riyadh, the project will feature 60,000 buildings spanning an area of 360km² that is designed to accommodate more than 600,000 residents.

Construction is already underway, with contracts having been awarded.

This is Qiddiya’s first project, which will be developed to serve as a major worldwide destination for entertainment, sports, and culture.

Qiddiya City is projected to benefit the country’s economy and global standing and boost Riyadh’s strategic position by making it one of the top ten economies in the world.

Qiddiya City is an integral part of Saudi Vision 2030, which aims to broaden the nation’s economy and provide thousands of job opportunities for the younger population of the country.

The new city is set to create approximately 325,000 jobs and a yearly nominal gross domestic product of SR135bn.

Furthermore, it is expected to attract 48 million visitors each year.

Overlooking the Tuwaiq mountains, Qiddiya City will feature a gaming and e-sports district that is expected to become a worldwide hub for competitions, golf courses, a water theme park, and Six Flags Qiddiya.

IoT market for construction set to grow at a CAGR of ~16% by 2027

There is a huge opportunity for wearables in the construction industry. Several start-ups operate in this space: for example, Proxxi protects users from getting electrocuted, and Plinx uses proximity sensors for social distancing. Wearables can also improve communication channels between field and desk workers. As digitalization develops, wearables will become synonymous with construction work.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close