PHOTO
Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom, has signed a license agreement to build Formula E branded indoor karting attractions across multiple venues.
The attractions will be built at four destinations, located in Riyadh, Jeddah, Dammam and Abha.
SEVEN is a wholly owned subsidiary of the PIF, the country’s sovereign wealth fund, PIF, which has been heavily investing in e-mobility over the last few years.
Earlier this week, the PIF, which has $700 billion assets under management, furthered its expansion in the sporting arena with the Electric 360 (E360) partnership to back Formula E, Extreme E and E1 powerboat racing, with the aim to support the growth of electric motor sports globally.
(Writing by Bindu Rai, editing by Seban Scaria) seban.scaria@lseg.com
