The Saudi Crown Prince launches an investment fund for events
Saudi Crown Prince Mohammed bin Salman announced the launch of the Investment Events Fund under his chairmanship, with the aim of developing sustainable infrastructure to support four promising sectors: culture, tourism, entertainment, and sports, and building strategic partnerships to maximize impact in targeted sectors and increase opportunities to attract foreign investment. Contribute to achieving the goals of the Kingdom’s Vision 2030 by building a prosperous economy and a vibrant society.
The strategic objectives of the Events Investment Fund are based on developing a sustainable infrastructure in accordance with the highest international standards to support the entertainment, tourism, culture and sports sectors in the Kingdom, through the development of more than 35 unique sites by 2030.
The Fund looks forward to contributing to strengthening the Kingdom’s position as a global center for various activities and events related to these sectors, by providing a sustainable and world-class infrastructure that provides an opportunity to present a distinguished program of events and activities that meet national aspirations and contribute to achieving sustainable financial returns that would constitute A support and enabler for the efforts and march of economic diversification in the Kingdom. These projects include art galleries, theaters, conference centers, horse racing tracks, shooting ranges, car racing and other assets throughout the Kingdom. The first project is expected to be delivered during this year.
The Events Investment Fund adheres to international investment and financial standards aimed at strengthening its investment portfolio by achieving sustainable growth in returns and doubling assets, as the fund’s strategy for environmental, social practices and corporate governance focuses on three main axes that include improving the environment, enriching societies, and adhering to the highest standards of governance. It also aims to Participate in achieving the goals of Vision 2030 by diversifying non-oil sources of income for the Kingdom, in addition to establishing a sustainable infrastructure aimed at increasing the economic contribution of the tourism sector from 3% of the GDP to 10% and attracting 100 million visitors by 2030, to translate the Kingdom’s ambition to be one of Among the countries that receive the most tourists in the world, and all of this is in harmony with the vision and objectives of the Quality of Life Program, which is concerned with improving the quality of life of the individual and the family, through the development of the desired sustainable assets.
The work of the Investment Events Fund will focus on developing and increasing direct investment opportunities for international companies and banks, and contributing to the gross domestic product equivalent to 28 billion riyals by 2045. The fund will focus on enhancing the prospects for partnership and business between the public and private sectors and securing an environment that supports the industry of strategic partnerships, and increasing The number of job opportunities for citizens.
The business and activities of the Events Investment Fund are in harmony with the strategy of the National Development Fund that was launched by the Crown Prince last year, which aims for the fund to be a driving force and a primary driver for the economic and social goals of the Kingdom’s Vision 2030 by working to address existing development challenges in line with international best practices. And stimulating the private sector’s contribution to more than three times the developmental impact of the Kingdom’s economy by 2030.
