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Saudi Arabia is investing billions of US dollars through its sovereign wealth fund’s entertainment company to boost the kingdom’s offerings in the leisure and attractions market.
The Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), is set to spend a total of SAR 50 billion ($13.3 billion) to develop 21 entertainment destinations that will feature 150 attractions across 14 cities in Saudi Arabia, according to a statement on Wednesday.
The entertainment company has also secured partnerships with international brands, including Warner Bros, to bring global attractions to the kingdom.
Construction of one of the destinations planned in Saudi Arabia, estimated to cost SAR 3 billion, has already started and it will rise in the Al Hamra district of Riyadh. The site will have a built-up area of 167,000 sq.m.
Aside from the Saudi capital, the upcoming projects will be developed in Makkah, Jeddah, Dammam, Kharj, Taif, Khobar, Al Ahsa, Madinah, Yanbu, Abba, Jazan, Buraidah and Tabuk.
As part of the plan, SEVEN will introduce a “new” entertainment concept, with the various destinations expected to offer attractions, local and international dining venues and many more – all under one roof.
SEVEN confirmed that it has secured partnerships with global entertainment companies, including Clip ‘n Climb, Warner Bros. Discovery, 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.
“The ground-breaking of our first destination in Al Hamra district in Riyadh is a pivotal milestone and we are excited to bring unparalleled experiences to the people and visitors of the kingdom.”
(Writing by Cleofe Maceda; editing by Seban Scaria)
