RIYADH: The Saudi Entertainment Ventures announced it will invest over $13 billion in establishing 21 entertainment destinations across 14 cities in the Kingdom.
The company, known as SEVEN and owned by the Public Investment Fund, said the new destinations will include more than 150 entertainment areas in a bid to spur the industry’s growth and attract tourists, reported the Saudi Press Agency.
“The announcement comes in conjunction with the efforts seeking to consolidate the sector’s position as a basic pillar for diversifying sources of national income, creating jobs, and contributing to raising the quality of life for citizens and residents, in addition to supporting the empowerment of Saudi cities to obtain a better position among global cities,” the statement read.
Abdullah bin Nasser Al-Daoud, chairman of SEVEN’s board of directors, said the new entertainment areas aim to enhance visitor experiences and establish partnerships with key global entertainment leaders.
“We believe the entertainment sector in the Kingdom is full of opportunities, and its role in the local economy is growing, and that it constitutes a solid basis for job creation, as it is a strong engine for many other economic sectors,” he said.
With the new venture, Al-Daoud said SEVEN would work to provide opportunities for local small and medium companies and develop Saudi talent through global partnerships.
The company had earlier started construction work on one of its entertainment destinations at “Al-Hamra” district in Riyadh, with an investment of over $800 million.
The project will include indoor viewing wheel, surfing area, air-flying zones and electric karting tracks. It is expected to attract 6 million visitors annually, according to the company’s statement.
SEVEN was formed in December 2017 as part of Riyadh’s push to localize Saudi spending on entertainment under the Vision 2030 mandate.
The company plans to develop over 20 entertainment complexes, 50 cinemas and two theme parks in the Kingdom.
SEVEN’s pipeline includes projects in Dammam, Jeddah, Makkah, Obhur and Riyadh, as well as its planned entertainment complex in Abha, which will have a built-up area of over 70,000 square meters.