Saudi Arabia Crown Prince launches Events Investment Fund
The fund would focus on developing a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors.
Saudi Arabia's Crown Prince Mohammed bin Salman announced the launch of the Events Investment Fund to develop a sustainable infrastructure for culture, entertainment, tourism, and sports in the country.
The fund aims to create strategic partnerships between the public and private sectors to boost local industry and increase job opportunities. It also aims to increase foreign direct investment opportunities for a contribution of $7.45 billion, Arab News reported. It will oversee the development of about 35 venues by 2030.
The latest development is another step taken by the country to position itself as a global hub for cultural, entertainment, sports and tourism activities, and improve its tourism sector. It seeks to develop, conceptualise and finance a sustainable infrastructure that includes indoor arenas, art galleries, theatres, conference centres, horse race tracks, and more across the Kingdom.
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The EIF's vision is aligned with the National Development Fund’s strategy, which was launched by the Crown Prince in 2017 to achieve the economic and social objectives of Vision 2030. This would include overcoming existing development challenges in line with global practices and bringing in a threefold increase in the private sector's contribution to the Kingdom's economy by 2030.
Edited by Kanishk Singh
