DUBAI - Saudi Arabia has launched an investment fund to support the culture, tourism, entertainment and sports industries, state news agency SPA reported on Tuesday.

The Events Investment Fund (EIF) will focus on developing and increasing direct foreign investment opportunities for a contribution of 28 billion riyals ($7.45 billion) to the country's gross domestic product by 2045, SPA added.

($1 = 3.7559 riyals)

(Reporting by Yomna Ehab Writing by Clauda Tanios Editing by Nadine Awadalla and David Goodman )