The fund will conceptualise, finance and oversee development of more than 35 venues by 2030, with the aim of delivering its first asset by 2023.
Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of Saudi Arabia, has launched the Events Investment Fund (EIF), with the intention to advance the kingdom’s culture, tourism, entertainment and sports sectors.
The aim of EIF is to position the kingdom as the global hub in various event sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar and create sustainable financial returns to support Saudi Arabia’s economic diversification efforts – in line with Vision 2030.
Chaired by the Crown Prince, the fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of SAR28bn by 2045.
The focus will be on nurturing partnerships between the private and public sectors, securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens.
The fund’s targets
EIF will conceptualise, finance and oversee development of more than 35 venues by 2030. Its assets will include indoor arenas, art galleries, theaters and conference centres, horse-racing tracks, auto racing tracks and other event facilities across the kingdom, with the aim of delivering its first asset by 2023.
Aligned with the kingdom’s sustainability agenda, EIF’s strategy is focused on three main pillars, which include enhancing its environment, invigorating societies and maintaining strong governance.
Complementing the National Development Fund’s strategy, EIF will contribute to Vision 2030 with respect to diversifying the 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 per cent to more than 10 per cent by 2030.
In recent news, the Saudi Crown Prince, who is also the chairman of Public Investment Fund, announced the Diriyah Project as the fund’s fifth giga project. The Diriyah Project, which has significant historic, cultural, and political value for the country, includes the Turaif District UNESCO World Heritage Site.
Source: Gulf Business