Saudi Arabia big push to venues’ sector

Article posted by Coliseum, January 23^rd, 2023

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Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of the Events Investment Fund (EIF), a fund that aims to develop a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors across the Saudi Arabia.

‘Arab News’ stated that the EIF aims to create strategic partnerships to boost the local industry and increase foreign investment. It will conceptualize, finance and oversee the development of more than 35 venues by 2030.

The fund will focus on developing and increasing direct foreign investment opportunities for a contribution of SR28 billion ($7.45 billion) to the Kingdom’s Gross Domestic Product (GDP) by 2045.

‘Arab News’ further stated that the creation of the EIF aims at positioning the Kingdom as the global hub of cultural, tourism, entertainment, and sports activities. It seeks to develop a world-class sustainable infrastructure including indoor arenas, art galleries, theaters, conference centers, horse-racing tracks, auto racing tracks, and other facilities across the Kingdom. The fund aims to deliver its first asset by 2023.

The fund is committed to upholding the highest environmental, social and governance standards. It aims to increase the tourism sector’s annual contribution to the GDP by more than 10 percent by 2030. The fund will also support the Kingdom in achieving its goal of becoming a global tourist destination, attracting more than 100 million visitors by 2030 and making it one of the world’s most visited countries.

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