Saudi Arabia has launched an investment fund specifically to support the culture, tourism, entertainment and sports industries, according to Reuters, citing the state news agency SPA.
The Events Investment Fund (EIF) will focus on “developing and increasing direct foreign investment opportunities for a contribution of 28 billion riyals ($7.45 billion) to the country’s gross domestic product by 2045,” SPA added.
The SPA added that the EIF will “conceptualize, finance and oversee development of more than 35 world class venues across the Kingdom.”
The creation of a fund to invest in the entertainment and events space by Saudi Arabia follows several years of heavy investment by the kingdom in the development of its entertainment and cultural sectors as part of Crown Prince Mohammad bin Salman’s Vision 2030 initiative.
The push for greater investment in entertainment and culture is part of a wider effort to diversify the Saudi economy and reduce its dependence on oil revenue. The government is also looking to promote a more relaxed and liberal lifestyle for its citizens, which has led to a number of changes in the country, including the lifting of the ban on cinemas and the introduction of public concerts and other events.
Tourism is a major part of Vision 2030. The Kingdom is building out areas across Saudi Arabia like the Red Sea development, Neom, Qiddiya, and other areas both historic and novel. The Qiddiya entertainment complex is set to be one of the largest and most advanced entertainment destinations in the world.
The government has also been actively promoting public events and festivals, and Vision 2030’s reforms have also led to the government investing heavily in the development of a local film industry.
