Cairo: An investment events fund, recently unveiled in Saudi Arabia, expects to generate around 160,000 jobs and attract SR28 billion in revenue, according to a senior official.
Saudi Crown Prince and Prime Minister Mohammad bin Salman this week launched the Events Investment Fund (EIF) aimed to develop sectors of culture, tourism, sports, and entertainment as the kingdom is vigorously seeking to diversify its oil-dependent economy.
EIF CEO Nayaf Al Rasheed said the fund and its partners will pump SR14 billion worth of investments.
“These investments will generate revenues reaching SR28 billion and 160,000 jobs in the years to come,” he told Saudi TV Al Ekhbariya.
He pointed out that the fund aims to develop specific assets to world-calibre standards. They include 16 theatrical assets, five convention centres, five indoor halls, three galleries, one car race track, a shooting field and a horserace course.
EIF also aims to build strategic partnerships to maximise status of the targeted sectors, increase openings for foreign investment and contribute to fulfilment of the Saudi Vision 2030’s aim of forging a thriving economy and a vibrant society.
The fund will develop more than 35 unique sites by 2030. The first asset will be delivered this year.
A major objective is to position Saudi Arabia as the global hub in the four sectors, to provide world-class sustainable infrastructure for the delivery of a distinguished events calendar fulfilling national ambitions and to contribute to sustainable financial returns to support the kingdom’s economic diversification efforts, the Saudi official news agency SPA reported.