Saudi Arabia's PIF-owned SEVEN to invest SR50b in 21 entertainment-themed destinations
Upto 21 integrated entertainment destinations to be built in 14 Saudi cities
Dubai: The Saudi wealth fund PIF owned Saudi Entertainment Ventures (SEVEN) will commit a staggering SR50 billion to build 21 entertainment destinations and featuring more than 150 attractions. This will be done through alliances involving global brands and across 14 Saudi cities.
Construction of SEVEN’s first destination - in the Al Hamra district of Riyadh - has started. “We believe that the entertainment sector in Saudi Arabia is full of opportunities and plays an important role in the growth of the local economy," said Abdullah AlDawood, Chairman of SEVEN.
"It also forms a strong basis for creating jobs and is a strong driver for a large number of other economic sectors including the local tourism sector. We will provide opportunities for local SMEs, develop Saudi talent, localise technical expertise and transfer knowledge through our global partnerships.”
If tourism projects of the 'giga' kind was the Kingdom's priority in recent years, those related to entertainment are now clearly on the agenda. Alliances are the way to bring in attractions to populate those destinations in the making.
SEVEN’s Al Hamra project has an investment value of SR3 billion plus, and set on an area of more than 90,000 square metres. It will have a built-up area of 167,000 square metres and occupies a location at the intersection of the Eastern Ring Road and King Abdullah Road. (SEVEN Al Hamra is expected to attract 6 million visitors per year.)
Al Hamra project win
The Al Hamra construction contract has gone to India’s Shapoorji Pallonji. “We are already executing multiple projects in Saudi Arabia and this project will certainly add significantly to our business portfolio and further establish our long-lasting legacy in Saudi Arabia,” said M.D. Saini, Managing Director and CEO of Shapoorji Pallonji.
Al Hamra attractions will include a Discovery indoor adventure centre; an edutainment hub; Clip 'n Climb, featuring 40 'unique' climbing challenges; and a Transformers themed ride-based attraction.
“We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other," said AlDawood. "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.”