Saudi Arabia leisure on cloud nine SEVEN way

Article posted by Coliseum, December 5^th, 2022

Image: SEVEN

Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of the Public Investment Fund (PIF), has announced an investment of SAR50 billion towards the development of 21 entertainment destinations across 14 Cities in the Kingdom.

‘ArabianBusiness’ stated that the integrated entertainment destinations will have over 150 attractions in partnership with prominent international brands. The construction of SEVEN’s first entertainment destination in the Al Hamra district of Riyadh (Saudi Arabia) has already begun.

Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has also formed alliances with brands like Warner Bros. to bring these attractions to Saudi Arabia. Saudi Arabia aims to be a global tourist destination by 2030.

Warner Bros. Entertainment Inc. is an American film and entertainment studio headquartered at the Warner Bros. Studios complex in Burbank, California (US), and a subsidiary of Warner Bros. Discovery.

SEVEN is backed by Saudi Arabia’s giant sovereign wealth fund, the PIF, and the announcement follows several that will see the PIF help redevelop the kingdom.

Riyadh (Saudi Arabia)-based the Public Investment Fund (PIF) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion (£492 billion). It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund has been controlled by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler since 2015.

‘ArabianBusiness’ further stated that this new development comes amid rapid growth within the Saudi entertainment sector.

The 21 entertainment destinations will have a wide range of attractions, local and international dining and more, under one roof.

Partnerships have been secured with global companies including Clip ‘n Climb (the creator and leader in fun climbing), Warner Bros., Discovery (American cable channel), Mattel (Hot Wheels) (American toymaker Mattel), Hasbro (Transformers) (American toy company Hasbro and Japanese toy company Takara Tomy), and Play-Doh (a modeling compound for young children to make arts and crafts projects at home).

SEVEN is redefining the future of entertainment in Saudi Arabia through its 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.

Said Abdullah AlDawood, Chairman of SEVEN, “We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other. The groundbreaking 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.”

The destination in development in Al Hamra has an investment value of over SAR3 billion and is set on land area of over 90,000 square meters in a strategic location at the intersection of the Eastern Ring Road and King Abdullah Road. The entertainment attractions expect to attract six million visitors.

SEVEN Al Hamra will feature signature entertainment experiences including an indoor hubless wheel, Wave House indoor surfing, 10-lane bowling alley, indoor skydiving, indoor karting racetrack as well as cinemas, restaurants, cafes, international retail stores, and fitness.

Locations for the upcoming projects will be Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanby, Abha, Jazan, Buraidah, and Tabuk.

The PIF is a giant investment vehicle that is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 agenda. The plan envisions diversifying the Saudi economy away from oil and preparing it for a post-hydrocarbon age. In this, the PIF will be key as a facilitator unlocking new investment and business opportunities.

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