The Ministry of Culture and Information said in a statement on Monday that Al-Qiddiya entertainment megacity project has been incorporated and registered as a closed joint-stock company, wholly owned by the Public Investment Fund (PIF). The formed entity was named Qiddiya Investment Company; the Ministry added that the latter is subject to Saudi law. Michael Reininger, CEO of Qiddiya, said in the statement that as a fully independent entity, the megaproject will draft its own budget and re-commit itself to move forward with the project. King Salman laid the foundation stone for the project in April, and the first phase of the megacity is expected to be complete by 2022.