Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud has launched the Events Investment Fund (EIF) aimed to develop a “sustainable infrastructure” for culture, tourism, entertainment and sports industries of the kingdom.
The move is part of the kingdom’s efforts to diversify its economy away from oil.
The fund will be used to create strategic partnerships to “boost local industry, increase foreign investment”, thus contributing to Saudi Arabia’s Vision 2030 aim.
The fund will also be used to finance and develop over 35 venues by 2030, and is aimed at positioning the kingdom as a global hub for various event sectors.
“EIF assets include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023,” the Saudi Press Agency (SPA) reported.
With the motive of attracting foreign investment, Saudi Arabia’s EIF aims to maintain “financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets,” the report added.
The fund will also focus on developing and increasing direct foreign investment opportunities for a GDP impact of SAR28 billion by 2045, the report said, adding that EIF will focus on private and public partnerships “securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens.”
EIF will also contribute to the kingdom’s transformation into a global tourist destination, attracting over 100 million visitors by 2030.
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