Saudi Arabia unveils Riyadh's first entertainment complex

PIF-held Saudi Entertainment Ventures Co to develop restaurants, cinemas within 10ha project

An entertainment complex will be launched in Riyadh, Saudi Arabia (pictured) close to its upcoming metro network.
An entertainment complex will be launched in Riyadh, Saudi Arabia (pictured) close to its upcoming metro network.

An entertainment complex – Riyadh’s first facility of its kind – has been launched in Saudi Arabia by Saudi Entertainment Ventures Company, a wholly owned subsidiary of Public Investment Fund (PIF).

The kingdom’s state-held news outlet, SPA, reported that the Riyadh megaproject will be located on the Eastern Ring Road at the intersection with King Abdullah Road, and will span 10ha. The complex’s location has been carefully chosen to ensure it is close to highways, as well as the upcoming $23bn (SAR86.3bn) Riyadh Metro.

READ: Boom in Saudi's entertainment sector bodes well for Jeddah developers

“Modern methods” have been deployed to design the development, which will feature various entertainment facilities to “suit the aspirations of citizens and visitors”.

Chairman of Saudi Entertainment Ventures Co’s board of directors, Abdullah bin Nasser Al-Dawoud, said the complex will include green and open areas for sports activities, entertainment, and live shows, as well as restaurants and cafés.

Cinemas designed to international standards will also be developed within the unnamed development, which will aim to serve Saudi families, residents, and tourists.

PIF said the company’s projects will serve more than 50 million visitors each year, providing 22,000 direct jobs and boosting the kingdom’s gross domestic product by $2.1bn (SAR8bn) by 2030.

READ: Construction of Saudi's Qiddiya creates digital transformation jobs

Saudi Arabia's PIF is led by Crown Prince HRH Mohammed Bin Salman, with the organisation playing a crucial role in driving the achievement of the goals of Vision 2030. The long-term mandate seeks to diversify the kingdom's economy away from oil revenue and ensure the long-term, sustainable growth of the country.

Timelines for the project’s construction or operational commencement have yet to be revealed.

EDITOR'S RECOMMENDATIONS:

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020