Travel, Tourism & Hospitality
Saudi PIF unit to invest $13bn in new entertainment destinations
Saudi Entertainment Ventures (Seven), a unit of the country's sovereign wealth fund PIF, is set to invest SR50 billion ($13.3 billion) towards development of integrated entertainment destinations with over 150 innovative attractions across the kingdom.
Saudi Entertainment Ventures (Seven), a wholly owned subsidiary of the Public Investment Fund (PIF), is set to invest SR50 billion ($13.3 billion) for the development of 21 integrated entertainment destinations with over 150 innovative attractions, in partnership with prominent international brands, across 14 cities in the kingdom.
Construction of Seven’s first entertainment destination in the Al Hamra district of Riyadh has already begun.
The announcement comes at the same time as rapid growth within the Saudi entertainment sector, and the country’s efforts to consolidate the position of the sector in order to diversify sources of income, create jobs, contribute to raising the quality of life for citizens and residents, and improve the ranking of Saudi cities among the best cities globally.
Seven said it will introduce a new concept in the world of entertainment; its destinations will offer various experiences including a wide range of entertainment attractions, a variety of local and international dining outlets and many more – all under one roof.
The Saudi PIF unit has also secured partnerships with leading global entertainment companies, including Clip ‘n Climb, Warner Bros. Discovery, Mattel for its Hot Wheels brand and Hasbro for its Transformers and Play-Doh brands, to develop world-first entertainment attractions.
Chairman Abdullah AlDawood said: "Seven is redefining the future of entertainment in Saudi Arabia through our 21 entertainment destinations across 14 cities with more than 150 world-class attractions that enhance the quality of life for the people of Saudi Arabia. We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other."
"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," he stated.
Seven’s entertainment destination in Al Hamra, which has an investment value of more than SR3 billion, is set on a land area of more than 90,000 sq m with a built-up area of 167,000 sq m and occupies a strategic 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 by providing world-leading entertainment attractions.
The Saudi group has awarded Shapoorji Pallonji, one of the largest engineering, procurement, and construction conglomerates in the region, to undertake the construction and management of the project.
The agreement was signed by AlDawood and Vidya Sagar, Vice President of Shapoorji Pallonji, at a ceremony held at the Seven Al Hamra site.
"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. 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," he added.
MD Saini, Managing Director and CEO of Shapoorji Pallonji, said: "Saudi Arabia, through Vision 2030, has ambitions to become one of the best places to live and visit in the world. We at Shapoorji Pallonji feel honoured that Seven chose to partner with us on this ambitious and path-breaking venture."
"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," he added.
Seven Al Hamra will feature many of Seven’s signature entertainment experiences including an indoor hubless wheel, Wave House indoor surfing, a 10-lane bowling alley, indoor skydiving, an indoor karting racetrack, as well as cinemas, restaurants, cafes, international retail stores and fitness.-TradeArabia News Service