Saudi Arabia entertainment quotient leg-up

Article posted by Coliseum, May 17^th, 2024

Image: Qiddiya and SEVEN

The Qiddiya Investment Company (QIC) (Saudi Arabia), a global leader in entertainment, has announced a strategic merger with the Saudi Entertainment Ventures (SEVEN) in a deal worth approximately $10 billion.

A ‘LinkedIn Post By Mohammed AlQahtani, Chief Executive Officer (CEO), Saudi Arabia Holding Company’ stated that this merger aims to boost the implementation of the massive “hashtag#SixFlags Qiddiya” project, expected to open in 2025.

The Qiddiya Investment Company is a real estate development company. The company is developing Qiddiya City, the capital of entertainment, sports and culture, in Riyadh. The Qiddiya Investment Company serves clients in Saudi Arabia.

Qiddiya is a planned entertainment and tourism megaproject in Riyadh, Saudi Arabia. Construction started in the beginning of 2019. It planned to open in 2023, though as of 2024 major projects including the Six Flags, the waterpark, and the racetrack are incomplete. It is part of the Saudi Vision 2030 program which aims to diversify the Saudi economy.

The Saudi Vision 2030 is a Government program launched by the Kingdom of Saudi Arabia which aims to achieve the goal of increased diversification economically, socially and culturally, in line with the vision of the Saudi Crown Prince and Prime Minister Mohammed bin Salman. It was first announced on April 25^th, 2016 by the Saudi Government.

Riyadh (Saudi Arabia)-based the Saudi Entertainment Ventures (SEVEN) is the execution and investment arm of the Public Investment Fund (PIF) of Saudi Arabia in the entertainment sector.

Through its role as an investor, developer and operator of various entertainment offerings Kingdom-wide, SEVEN aims to be the leader of an entertainment ecosystem in Saudi Arabia facilitating the presence of both international and local brands and unlocking the entertainment sector across Saudi Arabia with a mission to become the national entertainment champion.

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 US$925 billion (£726.3 billion). It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler since 2015.

The Six Flags Qiddiya City will serve to be a key entertainment attraction for Qiddiya City and the City of Riyadh (Saudi Arabia). The theme park will cover an area of 320,000 square meters and will feature 28 rides and attractions of which 10 will be thrill rides, with 18 rides designed for families and the young children.

Riyadh (Saudi Arabia)-based the Saudi Arabia Holding Company (SAHC) was founded in 2003 and manages the business of its partners, subsidiaries and strategic partners. The SAHC’s financial investments are considered its most important sector.

The ‘LinkedIn Post By Mohammed AlQahtani, Chief Executive Officer (CEO), Saudi Arabia Holding Company’ further stated that “Through the above merger, both companies will gain shared resources and expertise, contributing to maximum efficiency and effectiveness in executing the project. This collaboration will enable the delivery of integrated and innovative entertainment experiences, enhancing the Kingdom’s position as a premier global tourist destination.”

“In addition, hashtag#SEVEN’s integration with hashtag#Qiddiya will support the group’s objectives in developing the concept of entertainment, nurturing the local talent and enhancing the quality of life across Saudi Arabia. SEVEN aims to redefine entertainment in the hashtag#Kingdom by developing and operating 21 entertainment destinations in 14 Cities, with investments exceeding 50 billion riyals.”

“Abdullah Al Dawood, the Managing Director of hashtag#Qiddiya and Chairman of hashtag#SEVEN, highlighted that this step is crucial for encouraging all the residents to embrace the concept of play and spread joy thus positively impacting the community.”

“The SEVEN plans to offer diverse options through its entertainment zones and global partnerships with major entertainment creators.”

“The above announcement follows the launch of hashtag#Qiddiya’s urban plan and global brand, aiming to become the world’s foremost destination for entertainment, sports and culture, expecting to welcome 48 million visitors annually.”

“The Public Investment Fund (PIF) launched hashtag#SEVEN in 2017, while Qiddiya is one of its major projects. This strategic direction aligns with the PIF’s efforts to diversify the local economy and increase non-oil Gross Domestic Product (GDP) growth in line with hashtag#Vision2030.”

“What I admire most about investment leadership in hashtag#SaudiArabia is its dynamism, quick seizing of opportunities, and course correction for the better, breaking through bureaucratic inertia and driving towards rapid and efficient accomplishments.”

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