Saudi Entertainment Ventures (SEVEN) is investing SAR 50 billion ($13 billion) in the development of 21 entertainment destinations across 14 cities in the kingdom.
SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), has started building its first attraction in the Al Hamra district of Riyadh.
Saudi Arabia‘s entertainment sector is rapidly growing as part of Vision 2030, which aims to diversify the economy to reduce the kingdom’s reliance on oil.
For its new venues, SEVEN has secured partnerships with companies including Mattel, Hasbro and Warner Bros. Discovery.
Abdullah Al-Dawood, SEVEN’s chairman, said the group is “redefining the future of entertainment in Saudi Arabia”.
“We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other.”
“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,” added Al-Dawood.
“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.”
Shapoorji Pallonji, one of the largest engineering, procurement and construction conglomerates in the region, will build and manage the project.
New attraction for Riyadh
“Saudi Arabia, through Vision 2030, has ambitions to become one of the best places to live and visit in the world,” said M.D. Saini, managing director and CEO of Shapoorji Pallonji.
The new SAR 3 billion venue in Al Hamra will be home to more than 167,000 square metres of entertainment offerings, from indoor surfing and skydiving to bowling, cinemas, restaurants and retail outlets.
It will include a Warner Bros. Discovery edutainment attraction, a Clip ‘n Climb climbing experience, and a Transformers-themed ride. It is expected to attract 6 million visitors annually.
SEVEN’s entertainment destinations will be located in Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanbu, Abha, Jazan, Buraidah, and Tabuk.
Images: SEVEN
