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Saudi PIF plans to build giant leisure complex in Riyadh

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A new entertainment complex is being planned for the Saudi Arabian capital city Riyadh as part of state-backed efforts to boost the leisure sector in the kingdom, a report said.

The 100,000-sq-m project will be developed by the Saudi Entertainment Ventures Company (Seven), a unit of the kingdom’s Public Investment Fund, said a report in Saudi Press Agency.

The project will feature a distinctive modern design and will be equipped for sports activities, entertainment and live shows. It will also include a variety of local and international restaurants and cinemas. No details about the value of the project or completion date were provided.

“The complex would be an ideal destination for families to enjoy sports, picnics and arts,” the report said, citing Seven chairman Abdullah bin Nasser Al Dawoud.

The Public Investment Fund established Seven last year with initial funding of SR10 billion ($2.67 billion) and hired former Disney executive Bill Ernest to run it.

Seven aims to build about 20 entertainment centres around the country as Saudi Arabia seeks to add more jobs in the services sector while also relaxing social norms and diversifying the economy away from reliance on oil.

The company has already opened the kingdom’s first cinema in nearly four decades, in partnership with US-based AMC Group, the largest cinema operator in the world.

 

Source: http://www.tradearabia.com/news/CONS_349344.html

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