Saudi's Public Investment Fund to launch $3bn entertainment firm
The company will launch an entertainment complex by 2019, it has been revealed
Saudi Arabia's Public Investment Fund (PIF) is developing a company, with $2.7bn (SAR10bn) in initial capital, to act as the kingdom's entertainment investment arm, it has been announced.
Included within the company's plans is an entertainment complex that will be launched by 2019.
The firm "will play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships" to develop the kingdom's entertainment ecosystem.
In addition, the firm will also expand the scope and variety of entertainment offerings in the country, as well as provide incentives and develop local capabilities within the entertainment sector.
By the end of 2030, the firm's projects are expected to serve more than 50 million visitors annually, and create more than 22,000 jobs in the kingdom, contributing $2.1bn (SAR8bn) to the country's gross domestic product (GDP).
According to state news agency, SPA, the company will also seek to "localise the large amount of spending on entertainment outside the kingdom, in addition to promoting the entertainment sector's role in diversifying revenue streams".
The firm's formation is "consistent with the ambitions" within Saudi's Vision 2030 programme, SPA's report added.