RIYADH: Saudi Arabia’s Crown Prince Mohammed Bin Salman announced the launch of a multibillion dollar Events Investment Fund (EIF) on Tuesday.

The fund aims to develop a sustainable infrastructure for four major sectors in the Kingdom, SPA reported.

It is hoped the fund will help to create a strategic partnership to boost the Saudi local events industry, and to increase foreign investment.

EIF will conceptualize, finance and oversee the development of more than 35 venues by 2030. The fund will focus on developing and increasing direct foreign investment opportunities that will help to generate $7.5 billion dollars by 2045.

The aim of EIF is to position the Kingdom as a global hub in event sectors, and to provide a world-class sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.

The Fund is positioned to attract foreign investments and to maintain a financial standard in an aim to strengthen the Kingdom’s investment portfolio and achieving sustainable growth in both returns and assets.

The fund assets will include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset this year.

EIF is also contributing to Vision 2030 with respect to diversifying the economy and increasing its share of non-oil GDP, and is predicted to contribute to the annual GDP by 10 percent by 2030.

The Events Investment Fund’s vision is aligned with the National Development Fund’s strategy, launched by the crown prince, and aims to make the fund a pivotal enabler for the economic and social objectives of Vision 2030; overcoming existing development challenges in line with global best practices and stimulating a threefold increase in the private sector's impact on the Kingdom's economy by 2030.