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PROJECT TO SERVE 50m VISITORS

New national company to act as PIF's investment arm
in the entertainment sector

Saudi to launch $2.6bn entertainment investment firm

RIYADH, Saudi Arabia, September 20, 2017

Saudi Arabia’s Public Investment Fund (PIF) is in the process of developing a new company with an initial capitalization of SR10 billion ($2.66 billion) to act as its investment arm in the kingdom’s growing entertainment sector.

The company will play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships to build the eco-system within the Kingdom. Additionally, the company will expand the scope and variety of entertainment offerings according to the latest international standards.

The company's efforts will enable the development of and provide incentives for the entertainment sector, as well as building local capabilities within the Kingdom. The company is planning to invest in a number of entertainment projects, which include an entertainment complex that will be launched by 2019.

The company's establishment is consistent with the ambitions within Vision 2030 to increase the Kingdom's cultural and entertainment offering, to create new employment opportunities, and to make use of the wealth of talent and energy among Saudi's youth. By the end of 2030, the company's projects aim to serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom, which will contribute around SR8 billion to GDP.

The new company will form a central pillar of the Kingdom's diverse entertainment sector, providing new investment capital to support the sector's growth and the diversification of the Saudi economy over the short and long-term.

The company will seek to localize the large amount of spending on entertainment outside the Kingdom, in addition to promoting the entertainment sector's role in diversifying revenue streams. – TradeArabia News Service




Tags: Saudi | PIF |

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