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Saudi Arabia is investing billions of dollars through its sovereign wealth fund’s entertainment companies to boost the kingdom’s offerings in the leisure and attractions market.
Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of the Public Investment Fund (PIF), will spend SAR 50 billion ($13.3 billion) to develop 21 entertainment destinations in 14 cities in Saudi Arabia, including 150 attractions in Arabia, according to A statement on Wednesday.
The entertainment company also has partnerships with international brands, including Warner Bros., to bring global attractions to Saudi Arabia.
One of Saudi Arabia’s planned destinations, estimated to cost 3 billion riyals, has already begun construction and will rise in Riyadh’s Al Hamra district. The plot has a built-up area of 167,000 square meters.
In addition to the Saudi capital, upcoming projects will also be launched in Mecca, Jeddah, Dammam, Haji, Taif, Khobar, Al-Ahsa, Medina, Yanbu, Abba, Jizan, Burundi Developed by Layde and Tabuk.
As part of the plan, SEVEN will introduce a “new” entertainment concept, with destinations expected to offer attractions, local and international dining options and more – all under one roof.
SEVEN confirmed that it has entered into partnerships with global entertainment companies, including Clip ‘n Climb, Warner Bros. Discovery Channel, Mattel and Hasbro, to develop some of the attractions.
“We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other,” said Abdullah AlDawood, chairman of SEVEN.
“Breaking ground on our first destination in the Al Hamra district of Riyadh is a key milestone and we are excited to bring an unparalleled experience to the people and visitors of the Kingdom.”
(Writing by Cleofe Maceda; Editing by Seban Scaria)
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