Hollywood, watch out. Saudi Arabia’s Public Investment Fund (PIF) announced plans to develop a company to expand the Kingdom’s entertainment investment sector.
The entertainment firm, which launched with $2.7 billion in initial capital, will play an active investment role while seeking to attract strategic partnerships. Among its outlined initiatives, the company plans to build out an entertainment complex by 2019 to increase entertainment options in the country, and develop local capabilities within the entertainment arm. The company will also localize spending on entertainment outside the Kingdom, in addition to promoting the entertainment sector’s role in diversifying revenue streams.
“This city will become, by God’s will, a prominent cultural landmark and an important center for meeting the future generation’s recreational, cultural and social needs in the Kingdom,” Crown Prince Mohammad Bin Salman said.
By 2030, Saudi Arabia’s entertainment sector is expected to serve 50 million visitors annually, create more than 22,000 jobs, and contribute $2.1 billion to the country’s gross domestic product. There have been talks about hosting more free festivals in the Kingdom, similar to the Jeddah festival in Riyadh—which this year will feature artists like Mohammed Abdo.
Read more at Construction Week Online.