Saudi Entertainment Ventures (Seven) and Qiddiya Investment Company (QIC) are combining to become a lifestyle and entertainment giant in Saudi Arabia.
Seven, a wholly owned public investment fund (PIF) company, has now become a wholly owned subsidiary of Qiddiya, which remains wholly owned by the PIF.
By transferring ownership of Seven to Qiddya, the PIF aims to enhance the offerings of both companies and support its wider strategy for the entertainment, leisure and sports sector.
Abdullah Al-Dawood, managing director of Qiddiya Investment Company and chairman of Seven, said (via Arabian Business): “This move will supercharge our ability to facilitate the inclusion of play and joy into people’s lives.
“By building an unprecedented entertainment ecosystem that diversifies our nation’s economy, we aim to improve the quality of life for visitors and residents alike.”
Seven will continue with its plans to build 21 entertainment destinations in 14 cities across the kingdom.
The company is investing more than SAR 50 billion ($13bn) in the new venues, which will include attractions such as arcade games, rides and virtual reality (VR) areas, bowling, AMC cinemas, and retail and F&B experiences.
In November, Seven unveiled a new Transformers-themed coaster for three of its entertainment destinations in Riyadh, Dammam and Jeddah.Â
Qiddiya, a multibillion-dollar entertainment destination, recently announced Aquarabia, the first water theme park in Saudi Arabia.
Transfer of ownership of Seven to Qiddya
Qiddiya Investment Company is also building the world’s first Dragon Ball theme park as part of the giga-project.
Both Aquarabia and the Dragon Ball theme park are located in Qiddiya City, a place for entertainment, sports and culture.
Highlights in Qiddiya City include a gaming and esports district, the Speed Park Track, golf courses, and Six Flags Qiddiya.
Saudi Arabia is creating a host of giga-projects and attractions as part the PIF’s Vision 2030.
Images courtesy of QIC and Seven
