Skip to content Skip to Search
Skip navigation

Saudi sets up fund targeting global events sector

Crown Prince Mohammed bin Salman Reuters/Murat Cetinmuhurdar
Mohammed bin Salman

Saudi Crown Prince Mohammed bin Salman has launched a fund that aims to position the kingdom as a global hub for cultural, tourism, entertainment and sports events.

The Events Investment Fund (EIF) will conceptualise, finance and oversee the development of more than 35 venues by 2030, diversifying the Saudi 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 3 percent to more than 10 percent by 2030,” the state-owned Saudi Press Agency reported on Tuesday.

The fund’s assets include indoor arenas, art galleries, theatres and conference centres, horse racing and auto tracks. It plans to deliver its first event this year.

The EIF aims to help transform the country into a global tourist destination, with the goal of attracting more than 100 million visitors by 2030.

It also hopes to create strategic partnerships between the private and public sectors, and will focus on developing and increasing foreign direct investment opportunities by adding SR28 billion ($7.45 billion) to the country’s gross domestic product by 2045, according to the Saudi Press Agency.

This vision is aligned with the National Development Fund’s strategy, launched last year by the crown prince, with the aim of trebling non-oil GDP by 2030.

Saudi Entertainment Ventures (Seven), a subsidiary of the Public Investment Fund, announced in November it plans to invest more than SR50 billion creating and operating 21 entertainment destinations across 14 cities.

The first of these will be a SR3 billion project in the Al Hamra district of Riyadh, which aims to attract 6 million visitors a year. Construction has started on the 90,000-sq-m site.

Abdulmohsen Alhokair Group for Tourism and Development signed contracts worth SR93.9 million in September to develop and operate international entertainment brands in the kingdom.

In 2020 it was disclosed that the PIF had a 5.7 percent stake in Live Nation Entertainment, worth around $500 million at the time. The sovereign wealth fund is the third largest stakeholder in the global events promoter.

Latest articles

EV charger network UAE

UAE to roll out countrywide EV fast charger network

The UAE is speeding up the expansion of its electric vehicle charger infrastructure in support of the energy transition, the shift from fossil-based systems of energy production. UAEV, a joint venture between the Ministry of Energy and Infrastructure and Etihad Water and Electricity that was announced on Monday, intends to build a network of high-performance […]

Saudi Aramco CEO Amin Nasser (centre back) at the signing ceremony for the quantum computer deal with Pasqal

Aramco to use Saudi Arabia’s first quantum computer

Saudi Arabia plans to deploy its first quantum computer, after an agreement between the state oil company, Saudi Aramco, and the French computing company Pasqal.  Pasqal will install, maintain and operate a 200-qubit quantum computer, due for deployment in the latter half of 2025, Aramco said in a statement. Quantum computers use the principles of […]

A jet on the assembly line at the Airbus factory in Blagnac, France. Saudia says it is updating the interiors of its current fleet

Saudia announces ‘largest deal in Saudi aviation history’

Saudia, one of Saudi Arabia’s national carriers, has ordered 105 aircraft from Airbus, with the first batch due for delivery in early 2026. Saudia director general Ibrahim Al-Omar told an aviation industry forum in Riyadh that it is “the largest deal in Saudi aviation history”. A similarly large order has been made by new carrier […]

Man looks out at Doha's skyline. Qatar's debt as a percentage of GDP is expected to be just over 37% in 2024

Qatar to use $549m budget surplus to reduce debt

Qatar recorded a budget surplus of QAR2 billion ($549 million) in the first quarter of 2024, its finance ministry has announced. The ministry said the surplus would be used to reduce public debt, according to the state-run Qatar News Agency. Total revenue was QAR53.4 billion ($14.7 billion) in Q1, down 22 percent year on year. […]