With a capital of 10 billion riyals, the Public Investment Fund plans to establish a new company as its investment arm in Saudi Arabia’s growing entertainment sector, aiming to strengthen the role of investment in the entertainment sector and attract strategic partnerships to build an integrated ecosystem, in addition to expanding the scope and diversity of entertainment services and raising their quality in accordance with the latest global standards.

The company’s efforts will contribute to supporting the development and stimulation of the entertainment sector, building local capacity and talent in the field of entertainment in the Kingdom, and establishing several projects in the sector; the first entertainment complex is also set to be launched by 2019.

The company’s launch aligns with the Kingdom’s Vision 2030, which aims to develop cultural and entertainment infrastructure in the Kingdom, harness and encourage young talent, and create numerous new job opportunities.

By the end of 2030, the company’s projects are expected to serve more than 50 million visitors annually and create over 22,000 jobs in the Kingdom, while contributing an estimated 8 billion riyals to the gross domestic product.

The new company will serve as a cornerstone in diversifying the Kingdom’s entertainment sector, providing new investment capital to support the sector’s growth and the diversification of the Saudi economy in both the short and long term.