Seven, a wholly owned public investment fund (PIF) company, has now become a wholly owned subsidiary of Qiddiya to enhance the offerings of both companies and support its wider strategy for the entertainment, leisure and sports sector.
Both launched in 2018 and wholly owned subsidiaries of Saudi Arabia’s Public Investment Fund (PIF) Saudi Entertainment Ventures (Seven) and Qiddiya Investment Company (QIC) are combining to become a lifestyle and entertainment giant in Saudi Arabia.
Abdullah Al-Dawood, managing director of QIC and chairman of SEVEN, underscored the significance of the entertainment firm’s integration into QIC. He emphasized that this move supports their ability to foster a culture of playfulness and joy among all members of society, including citizens, residents, and visitors, thus contributing positively to societal well-being.
“The step also aims to nurture knowledge, skills, and creativity among individuals, ultimately targeting to create a new concept of fun and improving quality of life through the development of an integrated and unprecedented entertainment system, capable of contributing significantly to the Kingdom’s economic diversification plan,” Al-Dawood added.
Seven will continue with its plans to build 21 entertainment destinations in 14 cities across the kingdom. The company is investing more than $13bn in the new venues, which will include attractions such as arcade games, rides and virtual reality (VR) areas, bowling, AMC cinemas, and retail and F&B experiences.
In November, Seven unveiled a new Transformers-themed coaster for three of its entertainment destinations in Riyadh, Dammam and Jeddah.
Qiddiya Launched in 2018 and was ‘re-launched’ in December 2023 when Crown Prince Mohammed bin Salman revealed its urban plan and global branding goals. It recently announced Aquarabia, the first water theme park in Saudi Arabia.
Qiddiya hopes to have 48 million visitors annually.
The entertainment sector is a priority in the PIF’s local strategy, this merger is intended to enhance integration among its owned projects and companies within the sector, increasing operational efficiency.
