Saudi Entertainment Projects company, a fully owned unit of the Public Investment Fund (PIF), launched a new mega entertainment complex in Riyadh on Wednesday.
A giant entertainment complex will comprise of cinemas, live performance venues and sports facilities.
The 100,000 square meter development will be overseen by the Saudi Entertainment Ventures Company (SEVEN), a wholly owned subsidiary of the Public Investment Fund.
The complex is the latest project to develop the entertainment and leisure sector in Saudi Arabia as part of the Vision 2030 reform plan.
The Riyadh project will feature “distinctive modern design, the first of its kind with green and open areas,” Abdullah bin Nasser Al-Dawoud, chairman of SEVEN said.
There will be many local and international restaurants and the complex will serve all families of Saudis, residents and tourists, he added.
The Public Investment Fund established SEVEN last year with initial funding of SR10 billion riyals ($2.67 billion) and hired former Disney executive Bill Ernest to run it.
The company aims to set up a number of entertainment centres around the country over the next several years, Reuters reported.
The company’s projects will serve more than 50 million visitors a year, provide more than 22,000 direct jobs and contribute SR8 billion to the Saudi economy by 2030, the Saudi Press Agency said.
The Riyadh complex will be located on the city’s eastern ring road.
Source Credit: Arab News