PIF's SEVEN plans to invest over SAR 50 bln to develop entertainment destinations in Saudi Arabia

Logo of Saudi Entertainment Ventures

Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), plans to invest more than SAR 50 billion in establishing and operating 21 full-service entertainment destinations, Saudi Press Agency reported.

The project will include more than 150 unique entertainment areas in 14 cities across Saudi Arabia.

SEVEN started the construction work in its entertainment destination in Al Hamra district, Riyadh.

This announcement comes in conjunction with the rapid growth witnessed by the entertainment sector in the Kingdom, and the efforts aiming to consolidate the sector as a basic pillar for diversifying the sources of national income. This also aims to create more jobs, contribute to raising the quality of life for citizens and residents, in addition to supporting the empowerment of Saudi cities to obtain a better position globally.

Abdullah Al Dawood, Chairman of SEVEN, confirmed that the company is working to contribute to building the future of the entertainment sector by developing and operating more than 21 entertainment destinations in 14 cities around the Kingdom. He added that the project will enhance unique experiences for the residents, through cooperation with the most famous entertainment companies in the world.

"We believe that the local entertainment sector is full of opportunities, and its role in the local economy is growing. In addition, the sector constitutes a solid basis for job creation, as it is a strong driver for many other economic sectors," the Chairman said.

He indicated that the company will work to provide many opportunities for local small and medium-sized enterprises (SMEs), develop Saudi competencies, localize technical expertise and transfer knowledge through global partnerships, in addition to continuing to build unparalleled entertainment destinations and areas.

SEVEN started construction work in Al Hamra entertainment destination, with an investment of more than SAR 3 billion. This new project spans over 90,000 square meters (sqm), with a construction area of 167,000 sqm. It occupies a strategic location at the intersection of the Eastern Ring Road with King Abdullah Road.

Al Hamra project is expected to receive six million visitors annually through providing entertainment areas in line with the best global standards.