Riyadh: A new $3.7 billion fund to develop culture, tourism, entertainment and sports sectors across Saudi Arabia was announced on Tuesday.
The Events Investment Fund will conceptualise, finance and oversee development of more than 35 venues by 2030.
Announced by Crown Prince and Prime Minister Mohammed bin Salman, the fund also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Vision 2030’s aim of a vibrant society.
The aim of the fund is to position the Kingdom as the global hub in these sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.
The fund’s assets include indoor arenas, art galleries, theatres and conference centres, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023.
The Events Investment Fund is committed to attracting foreign investment and maintaining financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets. EIF is also contributing to Vision 2030 with respect to diversifying the economy and increasing its share of non-oil GDP, as well as supporting the contribution of the tourism sector to annual GDP, from its current rate of 3 per cent to more than 10 per cent by 2030.
Additionally, EIF will support the transformation of the Kingdom into a global tourist destination, attracting more than 100 million visitors by 2030.
