Saudi government is set to develop a new entertainment, sports and cultural destination at Al Giddiya area, some 40 km west of the capital, Riyadh, said a report.

The Qiddiya Project will be inaugurated by Saudi Arabia's King Salman bin Abdulaziz Al Saud at an official ceremony tomorrow (April 25), thus marking the launch of the project's formal infrastructure, reported Saudi Press Agency (SPA).

The laying of the foundation stone will be attended by a host of local and international officials and major investors and representatives of the regional and international companies.

The first phase of the 334-km project will be completed by 2022, stated the report, citing Dr Fahd bin Abdullah Tounsi, the secretary general of the Foundation Council of the Qiddiya Project of the Public Investment Fund (PIF).

"The inauguration of this vital project is a real translation of the aspirations of Saudi Arabia’s wise leadership and its relentless efforts to develop mega projects that would contribute effectively to achieve many direct and indirect economic returns, and also advance sustainable development for the benefit of the homeland and the citizen, in accordance with the Kingdom’s Vision 2030," remarked Tounsi.

"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 Saudi youths,” he added.

Qiddiya CEO Michael Reininger said the company was delighted to be a key contributor to boost the kingdom’s economic development and investment, "not only for the entertainment industry but also to projects that will develop the capabilities the young Saudi people."