Saudi offers the first of many slices of entertainment
Saudi is showing full commitment to delivering a solid entertainment experience to the Kingdom, and has just revealed the first of many more projects to come.
Riyadh’s first entertainment complex
Saudi is forging ahead with its Vision 2030 and economic diversification plans, having just announced this week plans to launch the first entertainment complex in Riyadh, according to the Saudi Press Agency (SPA).
The complex will be located at the Eastern Ring Road at the intersection with King Abdullah Road, with an area of nearly 100,000 square meters. An investment sum was not provided.
Illustrating the Kingdom’s increased focus on the entertainment sector, the Chairman of the Board of Directors of SEVEN, Abdullah bin Nasser Al-Dawoud, said that the project will host green and open areas, and will be equipped for sports activities, cinemas, entertainment and live shows.
Development has been assigned to Saudi Entertainment Ventures Company (SEVEN), a wholly owned subsidiary of the PIF. According to Reuters, the PIF established SEVEN last year with an initial funding of SR 10 billion ($2.67 billion) and hired former Disney executive Bill Ernest to run it.
More in store
The Riyadh entertainment complex is only one of many that the PIF has planned.
The company aims to set up about 20 entertainment centers around the country over the next several years, as Saudi tries to use the leisure sector to create jobs, liberalize social norms and diversify the economy beyond oil exports.
The PIF expects SEVEN’s projects shall serve more than 50 million visitors a year, provide more than 22,000 direct jobs and contribute an estimated $2.13 billion to GDP by 2030.
Of the many proposed projects, there are plans to launch a theme park at the Qiddiya resort area outside Riyadh, run by theme park operator Six Flags.
Just this past week, the country hosted 30 concerts titled “Jalsatna Gher” to celebrate the New Year, bringing together about 90 of the region’s most famous artists, About Her reported.
Majid Al Futtaim, the shopping mall, communities, retail and leisure developer, announced in 2018 plans to open a multiplex at the popular Red Sea Mall, run by VOX, Al Bawaba reported. It is the latest step in VOX Cinemas’ SR 2 billion ($0.53 billion) investment plan that will see 600 screens open in the Kingdom over the next five years.
All in all, the Kingdom is ramping up a sizeable slice of entertainment for its citizens.