Saudi Crown Prince launches fund for entertainment
A new wealth fund in Saudi Arabia looks to fuel growth in entertainment, tourism and events, including horse racing and car racing tracks. Events Investment Fund (EIF) was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister, who is also chairman of the fund.
EIF will conceptualise, finance and oversee development of more than 35 venues by 2030. The aim of EIF is to position the Kingdom as the global hub in these various event sectors, to provide sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.
EIF assets include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023.
The Events Investment Fund is committed to attracting foreign investment and maintaining financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets. EIF is also contributing to Vision 2030 with respect to diversifying the economy and increasing its share of non-oil GDP, as well as supporting the contribution of the tourism sector to annual GDP, from its current rate of three percent to more than 10 per cent by 2030.
The fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of SAR28 billion by 2045.
Source: Hotelier Middle east