Saudi Arabia unveils Riyadh's first entertainment complex
PIF-held Saudi Entertainment Ventures Co to develop restaurants, cinemas within 10ha project
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.
“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.
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.