Riyadh -- Custodian of the Two Holy Mosques King Salman will patronize on Wednesday the much-anticipated Qiddiya Project which is the new entertainment, sports and cultural destination being built in the Kingdom.

The project will be built in Al-Qiddiya area, some 40 km west of Saudi Arabia’s capital Riyadh.

The ceremony of laying the foundation stone will be attended by a host of local and international officials and a number of decision-makers, major investors and representatives of the regional and international companies.

The first phase will be completed by 2022.

In a statement to Saudi Press Agency (SPA), Dr. Fahd bin Abdullah Tounsi, Secretary General of the Foundation Council of the Qiddiya Project under the Public Investment Fund (PIF), said that the inauguration of this vital project is the realization of the aspirations of the wise leadership and its relentless efforts to develop mega projects to achieve many direct and indirect economic returns and to advance sustainable development for the benefit of the homeland and citizens in accordance with the sectors identified by the Kingdom's Vision 2030.

"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 the Saudi youth," he added.

Michael Reininger, Chief Executive of Qiddiya, said: "We are delighted to be a key contributor to boost the Kingdom's economic development and investment, not only to the entertainment industry but also to projects that will develop the capabilities the Saudi youth".