Naif Al-Rasheed, the chief executive officer of the Events Investment Fund (EIF), stated that the Fund and its partners will invest SAR 14B, which would have an economic effect of SAR 28B and generate 160,000 direct and indirect employment over the next years.
Al-Rasheed said to Al-Ekhbariya that the EIF seeks to create high-quality assets on a worldwide scale, including 16 assets in theatres, 5 assets in conference centres, and 5 assets in indoor arenas, which will feature a variety of material, including sports, culture, music, and more. He stated that there would be 3 art galleries, 2 auto racing tracks, 2 horse racing tracks, and 2 shooting ranges, totaling 35 assets.
It is noteworthy that the Events Investment Fund (EIF), a fund that aims to create a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors across the Kingdom, was previously announced by Crown Prince Mohammed Bin Salman, the Kingdom’s prime minister and chairman of the EIF.
The fund also aspires to establish strategic alliances to advance local business, stimulate foreign investment, and support the goal of a dynamic society set forth in Vision 2030. By 2030, EIF will design, fund, and manage the construction of more than 35 venues., according to the Zawya. EIF aims to establish the Kingdom as the leading worldwide centre in these many event sectors, to offer top-notch sustainable infrastructure for the implementation of an ambitious national events calendar, and to produce sustainable financial returns to aid the Kingdom’s economic diversification initiatives.
