Saudi Entertainment Ventures (Seven) to invest $13.3B to develop entertainment destinations
Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of Saudi Arabia's Public Investment Fund, has also formed alliances with brands like Warner Bros to bring these attractions to Saudi Arabia.
Saudi Arabia aims to be a global tourist destination by 2030. And towards this end, the region will be investing billions of dollars in the sector.
Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of Public Investment Fund (PIF), said in a statement that it aims to invest $13.3 billion to build over 21 entertainment destinations with 150 attractions in over 14 cities in Saudi.
Seven has also formed alliances with brands like Warner Bros to bring these attractions to Saudi Arabia. One of the destinations in the region has a projected cost of over $798 million. The work has already begun in Riyadh's Al Hamra district. Abdullah AlDawood, Chairman of Seven, said in the note that this is a milestone, and they are exited to bring these experiences.
The new projects will be developed in Jeddah, Makkah, Kharj, Dammam, Khobar, Taif, Madinah, Al Ahsa, Abba, Yanbu, Jazan, Tabuk, and Buraidah. Seven has also announced partnerships with global entertainment companies like Mattel, Hasbro, Discovery, and Clip 'n Climb, apart from Warner Bros. It will provide a new entertainment concept as part of the proposal.
The destinations will offer local and international dining establishment, attractions, and more under one roof.
Edited by Megha Reddy
