Search form

You are here

  • Home
  • Saudi Arabia’s Qiddiya to build region’s largest water theme park


Saudi Arabia’s Qiddiya to build region’s largest water theme park

Saudi Arabia Qiddiya Investment Co. will construct the region’s largest water theme park as a cornerstone of its Six Flags Qiddiya City venture. (SPA)
Short Url

https://arab.news/5sbxj

Updated 06 May 2024
Arab News
Follow

Saudi Arabia’s Qiddiya to build region’s largest water theme park

  • Aquarabia will also feature the first underwater adventure trip with diving vehicles
Updated 06 May 2024
Arab News

RIYADH: Saudi Arabia Qiddiya Investment Co. will construct the region’s largest water theme park as a cornerstone of its Six Flags Qiddiya City venture it was announced on Monday.
To be named Aquarabia, Qiddiya hopes to draw visitors from around the globe with 22 attractions and water experiences suitable for all family members, as well as some “world-first” attractions, Saudi Press Agency reported.
These attractions include the world’s first double water loop, the tallest water coaster with the highest jump, the longest and highest water racing track, and the tallest water slide.

Aquarabia will also feature the first underwater adventure trip with diving vehicles, catering to adventure enthusiasts with water sports areas designated for rafting, kayaking, canoeing, free solo climbing, and cliff jumping.
Additionally, the park will introduce the first surfing pool in the Kingdom, incorporating immersive design elements themed around ancient desert water springs and Qiddiya’s wildlife.
With sustainability in mind, Aquarabia will implement advanced systems capable of reducing water waste by up to 90 percent and decreasing energy consumption. As part of the Six Flags Qiddiya project, the venture, the first Six Flags of its kind outside North America, aims to recycle operational waste, diverting over 80 percent from landfill.

Scheduled to open in 2025, both Aquarabia and Six Flags Qiddiya City are situated within Qiddiya City, forming a fully walkable neighborhood offering a diverse array of activities, accommodations, dining options, and relaxation spots.
Abdullah Al-Dawood, managing director of Qiddiya Investment Co., hailed the announcement as a significant milestone for Qiddiya and the entertainment, tourism, and sports sectors in the Kingdom.
He emphasized that the projects will cater to diverse entertainment needs while contributing to economic diversification and job creation in the tourism sector.
The project also aims to meet the growing local demand for immersive entertainment experiences, particularly in water activities, aligning with the goals of Saudi Arabia’s Vision 2030 to enhance local tourism and employment opportunities.
The unveiling of Aquarabia follows the announcement of several other entertainment, sports, and cultural attractions in Qiddiya, including the world’s first multi-use gaming and electronic sports area, the multi-sport Prince Mohammed bin Salman Stadium and the Dragon Ball amusement park.
 

Topics: Qiddiya Investment Company (QIC)

Related

Saudi Arabia
Saudi Arabia’s Qiddiya to build world’s first ‘Dragon Ball’ theme park
Saudi Arabia
Qiddiya announces cutting-edge motorsport circuit

The Arab Energy Fund and Dussur sign $200m MoU to boost greenfield energy projects

Updated 4 sec ago
ARAB NEWS 
Follow

The Arab Energy Fund and Dussur sign $200m MoU to boost greenfield energy projects

Updated 4 sec ago
ARAB NEWS 

RIYADH: Greenfield energy projects are set to receive a boost, as The Arab Energy Fund has signed a $200 million funding agreement with the Saudi Arabian Industrial Investments Co. 

A memorandum of understanding was executed between the energy-focused financial institution TAEF and the Saudi-based industrial investment and development company, also known as Dussur.  

This deal aims to fast-track and facilitate prospective financing opportunities for TAEF through bridge financing in selected greenfield projects promoted by Dussur. 

Nicolas Thevenot, chief banking officer at TAEF, said: “We are thrilled to sign this MoU with Dussur and enter an era of collaboration to support the advancement of the flourishing energy sector in Saudi Arabia.”  

He added: “Our strategic partnership with Dussur is also aligned with our planned investment of up to $1 billion to advancing the energy transition with a focus on decarbonization and related technologies over the next five years.” 

Topics: Finance The Arab Energy Fund Investment

Related

Business & Economy
Global leaders call for binding agreements, increased renewable energy investments at COP28 

Saudi Arabia prioritizes real estate sector with 18 legislative initiatives to drive growth

Updated 6 min 31 sec ago
Arab News
Follow

Saudi Arabia prioritizes real estate sector with 18 legislative initiatives to drive growth

Updated 6 min 31 sec ago
Arab News

RIYADH: The Saudi government is prioritizing the real estate sector, enacting over 18 pieces of legislation to drive its growth and significantly boost its gross domestic product. 

This initiative was highlighted during the recently concluded second edition of the Saudi Exhibition for Real Estate Development and Ownership, or SEREDO, held in Jeddah. The event aimed to raise awareness, explore development opportunities, and review investment potential in the sector. 

According to Tayseer bin Mohammed Al-Mufarrij, spokesman for the Real Estate General Authority, over 18 legislations have been issued to date. These include real estate systems, executive regulations, and regulatory rules, reflecting the government’s commitment to this sector as part of Vision 2030. 

He emphasized the sector’s role and contribution to the Kingdom’s GDP, reaching 5.9 percent in the fourth quarter of 2023. He also noted that the property sector’s contribution to the country’s non-oil activities was 12.1 percent, as reported by the Saudi Press Agency. 

During the expo, Abdullah bin Saud Al-Duhaim, general supervisor of property development at REGA, provided a detailed explanation of the new system for selling and leasing off-plan real estate projects and its recently approved executive regulations. 

In a workshop on the sidelines of the event, Al-Duhaim and other officials outlined the procedural steps for applying for qualification, obtaining licenses to practice the activity, and the requirements for developers to register with the authority. 

They also underscored the importance of complying with the regulations and legislation governing the sector, which aim to provide high-quality services, enhance reliability, increase transparency, and protect the rights of all stakeholders. 

REGA’s participation in SEREDO 2024 is part of its role in raising awareness about real estate, exploring development opportunities, showcasing investment prospects, and exchanging experiences with industry professionals, SPA added. 

It also aims to engage the community in creating solutions to challenges, advancing toward future horizons that enhance the prosperity and sustainability of the real estate market. 

This approach seeks to make the sector dynamic and capable of adapting to rapid changes, which aligns with Vision 2030 objectives. 

The real estate development and ownership field in the Kingdom is considered one of the largest growing sectors in the Middle East. Its volume is estimated at approximately $69.51 billion in 2024 and is expected to reach $101.62 billion by 2029, recording a compound annual growth rate of 8 percent.
 

Topics: main Saudi real estate Projects events

Related

Business & Economy
Saudi property forum to enhance local real estate supply chain access

Market size of energy transition minerals to hit $770bn by 2040: IEA

Updated 46 min 22 sec ago
Nirmal Narayanan
Follow

Market size of energy transition minerals to hit $770bn by 2040: IEA

Updated 46 min 22 sec ago
Nirmal Narayanan

RIYADH: The market size of key minerals for energy transition is expected to double twofold to hit $770 billion by 2040, an analysis revealed.

In its latest report, the International Energy Agency said that more investments are needed in the clean energy sector as the world strives to achieve net-zero emissions by the middle of the century. 

“The combined market value of key energy transition minerals — copper, lithium, nickel, cobalt, graphite, and rare earth elements — more than doubles to reach $770 billion by 2040,” said the energy agency. 

It added: “At around $325 billion, today’s aggregate market value of key energy transition minerals aligns broadly with that of iron ore. By 2040, copper on its own attains that scale.” 

Ensuring reliant and diversified supply critical

The report also highlighted that ensuring a reliant and diversified supply of critical minerals is crucial to achieving future climate and energy goals. 

“Secure and sustainable access to critical minerals is essential for smooth and affordable clean energy transitions. The world’s appetite for technologies such as solar panels, electric cars, and batteries is growing fast — but we cannot satisfy it without reliable and expanding supplies of critical minerals,” said IEA Executive Director Fatih Birol. 

He added: “The recent critical mineral investment boom has been encouraging, and the world is in a better position now than it was a few years ago when we first flagged this issue in our landmark 2021 report on the subject. But this new IEA analysis highlights that there is still much to do to ensure resilient and diversified supply.” 

The report further pointed out that stepping up efforts to recycle, innovate, and encourage behavioral change is vital to ease potential strains on the supply of critical minerals required for energy transitions. 

“Some $800 billion of investment in mining is required between now and 2040 to get on track for a 1.5 °C scenario. Without the strong uptake of recycling and reuse, mining capital requirements would need to be one-third higher,” said IEA. 

According to IEA, announced projects are sufficient to meet only 70 percent of copper and 50 percent of lithium requirements by 2035. 

However, the energy think tank noted that markets for other minerals look more balanced if projects come through as scheduled. 

Earlier in May, an additional report released by the International Energy Forum echoed similar views, highlighting that the already set targets for 100 percent electric vehicle adoption globally by 2035 cannot be achieved without an unprecedented acceleration in copper mining.  

IEF said that electrifying the global vehicle fleet would necessitate opening another 55 percent more new copper mines by 2035. 

Moreover, from 2018 to 2050, the world will need to mine 115 percent more copper than has been mined in all of human history to meet vehicle electrification goals, said IEF. 

IEA, in the latest report, also highlighted that announced projects in the mining sector show limited progress in diversifying supply.

“Announced projects indicate that refined material production is set to remain highly concentrated in a few countries. For battery grade spherical and synthetic graphite, almost 95 percent of growth comes from China,” said the agency. 

IEA added: “These high levels of supply concentration represent a risk for the speed of energy transitions, as it makes supply chains and routes more vulnerable to disruption, whether from extreme weather, trade disputes or geopolitics.”

Critical mineral prices fell in 2023

The energy think tank also revealed that the prices of critical minerals fell in 2023, returning to levels last seen before the COVID-19 pandemic. 

“Materials used to make batteries saw particularly significant decreases, with the price of lithium dropping by 75 percent and the prices of cobalt, nickel, and graphite falling by between 30 percent and 45 percent — helping drive battery prices 14 percent lower,” said IEA. 

The study added that the demand for critical minerals experienced substantial growth in 2023, with lithium demand rising by 30 percent, while requests for nickel, cobalt, graphite, and rare earth elements all saw increases ranging from 8 percent to 15 percent. 

IEA noted that clean energy applications were the main driver of growth for a range of critical minerals in 2023. 

“Electric vehicles consolidated their position as the largest-consuming segment for lithium and increased their share considerably in the demand for nickel, cobalt, and graphite,” said the energy agency. 

The report added that lower prices for critical minerals in the past year have been good news for consumers and affordability. However, they have provided a headwind for new investment. 

The IEA noted that in 2023, investment in critical minerals mining grew by 10 percent, and exploration spending rose by 15 percent — still healthy but slower than in 2022. 

“The recent fall in prices has affected investments in new mineral supply, but they are still growing. Increases in 2023 were smaller than those seen in 2022, but investment in critical mineral mining nonetheless grew by 10 percent. Investment by lithium specialists saw a sharp rise of 60 percent, despite weak prices,” said the report. 

It added: “Exploration spending also rose by 15 percent, driven by Canada and Australia. China’s spending on and acquisition of overseas mines has grown significantly in the past ten years, reaching record levels of $10 billion in the first half of 2023.” 

The study further highlighted that Latin America will capture the largest market value for mined output, with around $120 billion by 2030.

Similarly, Indonesia will witness the fastest growth in mining output value. Due to its burgeoning nickel production, the country is expected to double its market value by 2030 to $75 billion. 

Topics: energy

Ukrainian firm DTEK seeks Saudi partnerships to enhance European energy security 

Updated 50 min 22 sec ago
Nadin Hassan 
Follow

Ukrainian firm DTEK seeks Saudi partnerships to enhance European energy security 

Updated 50 min 22 sec ago
Nadin Hassan 

RIYADH: Ukraine is actively seeking financial partnerships with Saudi Arabia to diversify its economy, focusing on cleantech, agriculture, and energy, according to a senior executive. 

In an interview with Arab News, Maxim Timchenko, CEO of Ukrainian energy company DTEK, revealed that high-level governmental talks with the Public Investment Fund and other Saudi institutions regarding capital deployment in the country were in progress. 

He said: “The main area of what we are discussing with PIF and other institutions is the deployment of capital in Ukraine and participation in cleantech, IT, agriculture, and energy sectors. These are the priorities where we work together so that you can be part of the recovery of Ukraine.”  

Timchenko also outlined a recent meeting between DTEK representatives and the CEO of ACWA Power. They discussed potential opportunities for collaboration in Ukraine and other European countries. 

“We have operating assets. We have some solar and wind parks in development. We want to be very active in battery storage and flexible capacity investment in the grid, and we disclosed all this, all these plans to ACWA Power and CEO,” Timchenko stated.  

He added that they agreed to continue the dialogue at the government level because decisions needed to be made regarding the intensity at which ACWA Power could deploy capital in Ukraine and European projects. 

Timchenko noted that discussions on May 17 primarily focused on establishing financial partnerships with Saudi Arabia to support Ukraine’s economic diversification. 

“Ukraine has the second-largest deposits of natural gas on the European continent, and of course, your technologies, your resources, and knowledge of your companies will be very helpful to explore all this potential in the gas and oil industry in Ukraine,” the firm’s CEO said. 

He added, “For us, it’s important to develop clean technologies and renewables, as we already discussed, but as well as become one of the major suppliers of natural gas to the European continent, and I think this is the area where we can build partnerships that your companies will come to Ukraine.” 

Timchenko stressed that Ukraine and the firm are seeking investment opportunities from Saudi Arabia, which sponsored the fight between Ukrainian boxer Oleksandr Usyk and British boxer Tyson Fury, held in Riyadh on May 18. 

He added these partnerships could position Ukraine as a major supplier of clean energy to Europe, with Saudi Arabia playing a significant role through its financial resources and strategic alignment. 

DTEK, Ukraine’s largest private energy company, has invested over €1.5 billion ($1.63 billion) in renewables, establishing itself as a leader in the sector. 

The company’s strategy aligns with Saudi Arabia’s vision for green transition and clean technologies.

Topics: energy Ukraine PIF Saudi Partnership

Related

Business & Economy
Saudi minister and US counterpart agree road map for cooperation in energy sector

Sky’s the limit: Saudi Arabia’s Future Aviation Forum 2024 will help fuel Kingdom’s Vision 2030 

Updated 19 May 2024
Nadin Hassan 
Follow

Sky’s the limit: Saudi Arabia’s Future Aviation Forum 2024 will help fuel Kingdom’s Vision 2030 

Updated 19 May 2024
Nadin Hassan 

RIYADH: Aviation leaders and key figures from across the globe will convene in Riyadh for the Future Aviation Forum 2024, a three-day event highlighting the strides in global air travel innovation, coinciding with Saudi Arabia’s ambition to generate $100 billion from the sector by 2030. 

The event, centered on the theme “Elevating Global Connectivity,” will unite more than 5,000 experts and leaders in aviation from over 100 countries, including ministers, regulators, and manufacturers, as well as representatives from airlines and airports. 

Led by the General Authority of Civil Aviation, the event is set to take place from May 20 to 22 and will highlight various projects and incentives aimed at attracting investments into Saudi Arabia’s rapidly growing aerospace sector. 

This includes investment projects across areas such as airports, airlines, and ground services, as well as cargo, and logistics, which will be highlighted on the sidelines of the forum’s Investment Showcase. 

The $100 billion in opportunities includes more than $50 billion earmarked for airports, around $40 billion for new aircraft orders, and $10 billion allocated to other projects. 

Building on the success of the 2022 edition, which witnessed the signing of over 50 agreements and deals totaling $2.7 billion, this year’s forum will showcase commercial announcements alongside roadmap presentations and specialized panel sessions focusing on general aviation. 

Minister for Transport and Logistics Services Saleh Al-Jasser will inaugurate FAF24 and said: “Saudi Arabia is offering unparalleled aviation investment opportunities globally. The Saudi Aviation Strategy aims to triple passenger numbers, connect to over 250 destinations, and manage 330 million passengers and 4.5 million tonnes of cargo by 2030.” 

The Investment Showcase at the forum will be inaugurated by the Minister of Investment Khaled Al-Falih. 

“Saudi Arabia is the world’s new investment hub, targeting $3.3 trillion in investment by 2030. Aviation is a key investment sector and enabler of the Kingdom’s broader economic transformation,” Al-Falih said, according to a press release. 

He added: “The aviation investment showcase will provide investors with unparalleled access to participate in the Kingdom’s transformation.” 

The showcase will include investor briefings, meetings, and panels on major projects including the massive six-runway King Salman International Airport in Riyadh and public-private partnerships for the Abha, Taif, Hail and Qassim international airports. 

It will also feature opportunities in cargo and logistics, advanced air mobility, and business aviation. Aviation suppliers will be briefed on expansion plans for the new airline Riyadh Air, as well as leading regional airlines including Saudia, Flynas, and Flyadeal. 

The main sponsors of the forum include Saudia Group, Matarat, King Salman International Airport, and Saudi Air Navigation Services. 

Global aviation executives from companies including Boeing, Airbus, Commercial Aircraft Corp. of China, and Embraer will also attend the event. 

Additionally, GACA is set to unveil a General Aviation roadmap setting how to increase the sector’s contribution to Saudi Arabia’s gross domestic product tenfold to $2 billion by 2030. 

The plan covers the business jet segment, including charter, private, and corporate aircraft, and will support Saudi Arabia’s development as a global high-value business and tourist destination. 

The new roadmap comes after Saudi Arabia revised its 2030 tourism target upwards from 100 to 150 million visitors in October 2023. 

“The General Aviation roadmap will turbocharge the sector within the Kingdom, transforming infrastructure and regulations, simultaneously developing, promoting, and enhancing general aviation services in the market,” said Abdulaziz-Al Duailej, president of GACA. 

He added: “GACA looks forward to hosting general aviation investors, operators, and service providers at the Future Aviation Forum in May, where we will launch this ambitious plan to global audiences.” 

The roadmap is designed to bolster private aviation by facilitating infrastructure investments and streamlining regulations for aircraft owners, lessors, investors, operators, and service providers. 

This initiative comes after GACA’s decision to eliminate ‘empty-leg restrictions’ and simplify economic license requirements for operators and investors in October 2023, aimed at enhancing the general aviation sector.  

The event will also cover industry themes including business, talent and the future, collaborations, and ecosystems, as well as sustainability, innovation, and technology. 

High-level speakers such as Fadi Al-Buhairan, CEO of Special Integrated Logistics Zone, Gaith Al-Gaith, CEO of FlyDubai, and Mohammed Al-Maghlouth, CEO of Matarat Holding, are set to participate in the forum. 

Suliman Al-Mazroua, CEO of the National Industrial Development and Logistics Program, Bander Al-Mohanna, managing director and CEO of Flynas, and Fahd Cynndy, CEO of Saudia Technic are also due to take part. 

Following the opening remarks on the first day, the panel titled “Ministerial Speech: Sky High Tourism – Unlocking Destinations and Cultural Exchange Now and in the Future” will take place, followed by a special conversation with Boeing and a spotlight session on the New Future of Aviation.  

The event will then highlight the future of airports and logistics with the plenary sessions “Airports Council International Special Address: Airports of the Future” and “Insight Piece: Navigating Tomorrow – Customer Focus, Digitalization, and AI as Enablers for the Future.” 

The first day will also address securing the future of human capital in aviation with the sessions “Cargo and Logistics Town Hall: An Era of Growth, Evolution, and Opportunity” and “Aviation Human Capital Now and for the Future – Meeting Our Industry’s Most Critical Challenge.” 

On the second following the key address, a conversation session with Commercial Aircraft Corp. of China will take place followed by a panel exploring what is the “Future of Sustainability in Aviation and Tourism.” 

It will then highlight a panel discussion on “Privatization, Investment and Funding – The Evolving Financial and Infrastructure Landscape,” which will then be followed by a conversation with Embraer. 

The second day will spotlight the future of civil aviation with the sessions “Global Civil Aviation Spotlight: Tonga and Nepal,” “Civil Aviation Authority Director General Panel: Aviation – Accelerating from Economic Enabler to Sustainability Champion,” and an insight piece on “How Safe Are Our Skies.” 

The third day will feature interactive workshops on assistance for aircraft accident victims and their families. 

Topics: FAF2024 Tourism & Transport aviation Saudi GACA Future Aviation Forum

Related

Business & Economy
Saudi Arabia to reveal roadmap to turn aviation sector into $2bn industry

Latest updates

Israel war cabinet minister says to quit unless Gaza plan approved
Around 540 Pakistani students to return from Bishkek today via commercial flights— deputy PM
Pakistan says will push for peace in Middle East if elected non-permanent UNSC member
Tourist couple injured in shooting in India’s Kashmir amid elections
Polling for NA-148 by-election in Pakistan’s Multan underway

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.