Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of the Kingdom's Public Investment Fund (PIF), is to invest SAR50bn (US$13.3bn) to develop 21 integrated entertainment destinations across 14 cities in Saudi Arabia.
Developed in partnership with a range of international brands, the destinations are set to feature more than 150 "innovative attractions".
SEVEN has so far signed deals with Warner Bros., Discovery, Clip ‘n Climb and toy giants Mattel (for its Hot Wheels brand) and Hasbro (for its Transformers and Play-Doh brands).
Construction has now begun on SEVEN’s first entertainment destination, in the Al Hamra district of capital city Riyadh.
Estimated to cost around SAR3bn (US$800m), the Al Hamra project is set on a land area of more than 90,000sq m and is expected to attract 6 million visitors per year by providing "world-leading entertainment attractions".
SEVEN has appointed engineering, procurement, and construction conglomerate Shapoorji Pallonji to undertake the construction and management of the project.
The agreement was signed by Abdullah AlDawood, chair of SEVEN, and Vidya Sagar, VP of Shapoorji Pallonji.
Abdullah AlDawood, chair, SEVEN, said: “We are redefining the future of entertainment in Saudi Arabia through our 21 entertainment destinations across 14 cities with more than 150 world-class attractions that enhance the quality of life for the people of Saudi Arabia.
"The ground-breaking of our first destination in Al Hamra is a pivotal milestone and we are excited to bring unparalleled experiences to the people and visitors of the Kingdom.
“We believe that the entertainment sector in Saudi Arabia is full of opportunities and plays an important role in the growth of the local economy.
"It also forms a strong basis for creating jobs and is a strong driver for a large number of other economic sectors including the local tourism sector. We will provide opportunities for local SMEs, develop Saudi talent, localise technical expertise and transfer knowledge through our global partnerships.”
