Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of Saudi Arabia’s Crown Prince Mohammed Bin Salman-led Public Investment Fund (PIF), has unveiled seven entertainment development projects, including a theme park and three cinemas, to be constructed in the kingdom as the country’s Vision 2030 economic diversification mandate continues to move future revenue sources away from oil, Construction Week reported.
SEVEN has symbolically launched seven projects include plans to build a 1-squarekilometer amusement park, three leisure and sport-style complexes in Dammam and Khobar, and a trio of cinemas in the Eastern Province.
According to a Reuters report, the Public Investment Fund established SEVEN last year with initial funding of 10 billion riyals ($2.67 billion) and hired former Disney executive Bill Ernest to run it.
The company aims to set up about 20 entertainment centers around the country over the next several years, as Saudi Arabia tries to use the leisure sector to create jobs, liberalize social norms and diversify the economy beyond oil exports.
SEVEN has already opened the kingdom’s first cinema in nearly four decades, in partnership with U.S. based AMC Group, and hopes to attract private companies to invest alongside it at all of its projects.
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