Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF) has announced an investment of SAR50 billion towards the development of 21 entertainment destinations across 14 cities in the kingdom.
The integrated entertainment destinations will have over 150 attractions in partnership with prominent international brands. The construction of SEVEN’s first entertainment destination in the Al Hamra district of Riyadh has already begun.
SEVEN is backed by Saudi Arabia’s giant sovereign wealth fund, the PIF, and the announcement follows several that will see the PIF help redevelop the kingdom.
This new development comes amid rapid growth within the Saudi entertainment sector.
The 21 entertainment destinations will have a wide range of attractions, local and international dining and more, under one roof.
Partnerships have been secured with global companies including Clip ‘n Climb, Warner Bros., Discovery, Mattel (Hot Wheels), Hasbro (Transformers) and Play-Doh.
“SEVEN is redefining the future of entertainment in Saudi Arabia through our 21 entertainment destinations across 14 cities with more than 150 world-class attractions that enhance the quality of life for the people of Saudi Arabia. We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other,” said Abdullah AlDawood, Chairman of SEVEN.
The ground-breaking of our first destination in Al Hamra district in Riyadh is a pivotal milestone and we are excited to bring unparalleled experiences to the people and visitors of the kingdom,” he added.
The destination in development in Al Hamra has an investment value of over SAR3 billion and is set on land area of over 90,000 square metres in a strategic location at the intersection of the Eastern Ring Road and King Abdullah Road. The entertainment attractions expects to attract six million visitors.
SEVEN Al Hamra will feature signature entertainment experiences including an indoor hubless wheel, Wave House indoor surfing, 10-lane bowling alley, indoor skydiving, indoor karting racetrack as well as cinemas, restaurants, cafes, international retail stores and fitness.
Locations for the upcoming projects will be Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanby, Abha, Jazan, Buraidah and Tabuk.
The PIF is a giant investment vehicle that is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 agenda. The plan envisions diversifying the Saudi economy away from oil and preparing it for a post-hydrocarbon age, in this the PIF will be key as a facilitator unlocking new investment and business opportunities.
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