RIYADH: Qiddiya Investment Co., fully backed by Saudi Arabia’s Public Investment Fund, has launched an executive office dedicated to overseeing destination marketing and management.

The new office, called “Spirit of Play,” represents the company’s first initiative to build strategic partnerships with businesses, investors, and professionals, according to the Saudi Press Agency.

The development of cities like Qiddiya, designed to elevate entertainment experiences, is a key element of Saudi Arabia’s strategy to diversify its economy and foster growth in sectors such as tourism. Located just 40 minutes from Riyadh, Qiddiya City will offer family-friendly entertainment complexes, sports venues, and cultural facilities.

“This launch underscores our commitment to developing a unique global destination. As one of the Kingdom’s flagship projects, Qiddiya City is central to the goals of Saudi Vision 2030, which aims to build a vibrant society, a thriving economy, and an ambitious nation,” said Abdullah Nasser Al-Dawood, managing director of Qiddiya Investment Co.

He added: “We expect Qiddiya City to welcome millions of visitors annually, accommodate more than half a million residents, and create hundreds of thousands of jobs and opportunities across a range of new industries.”

According to the Saudi Press Agency, the primary goal of the executive office is to promote and manage Qiddiya, positioning the city as a leading global tourism destination.

The office will also focus on establishing strong relationships with travel industry leaders, keeping partners informed and encouraging their active involvement in developing the entertainment hub.

“We are positioning Qiddiya as a destination that offers tourists the opportunity to explore, interact, and grow through immersive, interactive, and adventurous experiences,” said Ross McCauley, general manager of the Spirit of Play executive office.

He continued: “We’ve witnessed how rapidly the travel industry has evolved globally, with travelers booking tickets to concerts, sports events, and festivals. We’re working to create a destination that sets new standards for visitor experiences in ways that haven’t been done before.”

Earlier this month, Qiddiya Investment Co. entered into a partnership with the tech firm Globant to transform Qiddiya City into an immersive hub for entertainment, sports, and culture. Under the agreement, the two companies will collaborate on the Qiddiya PLAY LIFE Connected Experience, a digital ecosystem aimed at revolutionizing how visitors and residents interact with the city’s attractions.

ISLAMABAD: Pakistan’s foreign investment surged by 48 percent in the first quarter of the current fiscal year, according to state-run media reports on Tuesday.

Saudi Arabia and the UAE contributed a total of $26.8 million during this period. In 2023, Pakistan established the Special Investment Facilitation Council, a joint civil-military body aimed at expediting foreign investment decisions in key economic sectors, including agriculture, mining, minerals, and tourism.

This initiative came amid Pakistan’s ongoing economic crisis, which had pushed the country to the brink of a sovereign default. The crisis was mitigated by a crucial $3 billion bailout from the International Monetary Fund last year, preventing further economic collapse.

According to a breakdown shared by Radio Pakistan, China led foreign investments in the first quarter with $404 million, followed by the UAE’s $25 million and Saudi Arabia’s $1.8 million. Other notable contributors included Hong Kong, with $98 million; the UK, with $72 million; and the US, with $28 million.

Radio Pakistan reported: “A significant increase of 48 percent has been seen in foreign investment in Pakistan in the first quarter of the current fiscal year, reflecting the effective strategies of the Special Investment Facilitation Council.”

During a recent visit to Saudi Arabia and Qatar, Pakistan’s Prime Minister Shehbaz Sharif held talks with leaders from both nations to discuss boosting cooperation in trade, investment, and energy. Notably, in October, Pakistani and Saudi businesses signed 27 agreements and memorandums of understanding valued at $2.2 billion.

During Sharif’s visit to the Kingdom last week, the two countries agreed to increase this figure to $2.8 billion.

The UAE remains Pakistan’s third-largest trading partner, after China and the US, and serves as an important export market due to its proximity, which helps minimize transportation costs and facilitates trade exchanges.

In recent months, Sharif has been actively pursuing economic diplomacy in the region, focusing on securing investments, boosting trade, and improving regional connectivity.

Pakistan has sought to leverage its strategic position as a trade and transit hub, connecting landlocked Central Asian countries with the global market while promoting mutually beneficial economic partnerships with Gulf nations.