Saudi Arabia’s Public Investment Fund to establish company to invest in country’s entertainment sector

The company expects to generate more than 22,000 local jobs and contribute SR8 billion to the economy by 2030. (AFP)
Updated 20 September 2017
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Saudi Arabia’s Public Investment Fund to establish company to invest in country’s entertainment sector

RIYADH: The Public Investment Fund is developing a new company to act as its investment arm in Saudi Arabia’s growing entertainment sector.
The company, which will have an initial capitalization of SR10 billion ($2.67 billion), 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, the Saudi Press Agency (SPA) reported on Wednesday.
The company will expand the scope and variety of entertainment offerings that conform to the latest global 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,” SPA said.
“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 youth.”
The company is planning to invest in a number of entertainment projects, which includes an entertainment complex that will be launched by 2019, and is expected to generate more than 22,000 local jobs and contribute SR8 billion to the economy by 2030. An estimated 50 million visitors annually are also expected by that time.
“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,” SPA said, and would also “localize the large amount of spending on entertainment outside the Kingdom, in addition to promoting the entertainment sector’s role in diversifying revenue streams.”


UAE celebrates Saudi National Day

Updated 23 September 2018
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UAE celebrates Saudi National Day

DUBAI: The celebratory mood to mark Saudi Arabia’s 88th National Day has reached as far as New York, with Nasdaq displaying images of the Kingdom’s rulers at its tower on Times Square in New York while Dubai carrier Emirates is pulling out all the stops to join in the festivities.

The Dubai airline operated a special one-off A380 service, known as EK 813 and EK 814, on Sunday to the capital city of Riyadh, touching down at King Khalid International Airport at 3:30pm. The return flight was scheduled to depart at 6:50pm.

A YouTube video from Emirates also showed crew handing out scarves embroidered with the countries’ flags, as well as white roses, to passengers while boarding the A380 aircraft.

 

Nasdaq Dubai, the UAE-based operations of the New York equities exchange, posted: “Best wishes from #NasdaqDubai to #SaudiArabia on the occasion of the 88th National day” in its Twitter account, along with photos containing images of King Salman and Crown Prince Mohammed being projected on a huge electronic billboard. A separate tweet also showed an 11-second video with the merged UAE and Saudi Arabian flags fluttering on the billboard.

 

 

Burj Khalifa, the tallest building in the world, will be illuminated in the national flag of Saudi Arabia, in a display of friendship between the UAE and its Gulf neighbor.

In the UAE’s capital, the General Command of Abu Dhabi Police decorated 88 of their cars – one for every year being celebrated – with the flags of Saudi Arabia and the UAE and the words “Together Forever.”

Meanwhile, Etihad Airways’ Wesam Sameer Al-Najjar, the only Saudi National A380 pilot in the world, together with Captain Ahmed Almalood from the UAE, flew the A380 Year of Zayed aircraft to Jeddah for a special one-off service to mark the event.