Saudi Entertainment Ventures Company complex will include sports facilities, cinemas and a wide variety of F&B offerings
Saudi Arabia plans to build an 100,000 square-metre entertainment complex in Riyadh, according to the state-run Saudi Press Agency.
According to SPA, the Saudi Entertainment Ventures Company – a wholly owned subsidiary of the Public Investment Fund – plans to build the complex on Riyadh’s Eastern Ring Road at the intersection of King Abdullah Road.
Abdullah bin Nasser Al Dawoud, the chairman of the board of directors of the Saudi Entertainment Ventures Company, said that the first-of-its kind project will include green and open areas for sporting activities, entertainment and live shows.
Additionally, the complex will include a wide variety of local and international restaurants and cafes, as well as cinemas.
The value of the investment was not disclosed.
The PIF has said that its combined projects will eventually be able to cater to more than 50 million visitors each year, provide 22,000 direct jobs and contribute SAR 8 billion ($2.13 billion) to Saudi Arabia’s GDP by 2030.
In 2018, PIF established SEVEN with an initial funding amount of SAR 10 billion ($2.67 billion). The company has announced plans to set up 20 entertainment complexes around the kingdom.
SEVEN also opened the kingdom’s first cinema in 40 years last year in partnership with AMC Group.
Other planned entertainment ventures in Saudi Arabia include a Six Flags in Qiddiya, which will also be capable of hosting motorsports and cultural events.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.