The Saudi Arabia Public Investment Fund is developing a new company to invest in the country’s growing entertainment sector.
The company will have an initial capitalization of SR10 billion ($2.67 billion).
It will invest in a number of areas of the entertainment sector and seek to attract strategic partnerships to build the eco-system within the Kingdom.
The Saudi Press Agency (SPA) said: “The company’s efforts will enable the development of and provide incentives for the entertainment sector, as well as building local capabilities within the Kingdom.”
“The company’s establishment is consistent with the ambitions within Vision 2030 to increase the Kingdom’s cultural and entertainment offering, to create new employment opportunities, and to make use of the wealth of talent and energy among Saudi youth.”
Vision 2030 will necessitate infrastructure investment with the new Jeddha airport and the Haramain High Speed Rail line slated to open in 2018.
There will be a focus on large scale projects such as KidZania in Jeddah and Snow City in Riyadh to encourage Saudis to spent more of their disposable income at home.
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