Saudi news

We aim to invest 10 billion riyals in developing 35 sites

The CEO of the Investment Events Fund, Nayef Al-Rasheed, said in an interview with Al-Arabiya that the new investment event fund aims to develop 35 sites that include theaters and exhibitions and lead to the provision of 160,000 jobs, in addition to raising the standards of events in Saudi Arabia to a global level.

He added that the volume of the Fund’s investments to develop these specific sites within the 4 sectors of culture, tourism, entertainment and sports amounted to 14 billion riyals, saying: “These investments will be additional to private sector investments and financing available from local and foreign banks.”

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.

Nayef Al-Rasheed explained that we are currently working on finalizing some partnerships in these projects with the private sector, and they will be announced in the near future.

He continued, “We aim, through partnership with the private sector, for the Kingdom to have assets in accordance with the best international standards that allow attracting international events and events to Saudi Arabia.”

He pointed out that the four sectors of culture, tourism, entertainment and sports are emerging in the Kingdom and their growth rates will be very high.

And he added that these assets include 16 theatres, 5 exhibitions, 5 closed halls, and racetracks, saying: “We have an agenda of events in the Kingdom that includes about 10,000 activities expected during the current year in Saudi Arabia.”

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