Qiddiya Investment Company (QIC) and Saudi Entertainment Ventures (SEVEN) are joining forces to establish a lifestyle and entertainment powerhouse in the Kingdom of Saudi Arabia.
Qiddiya, previously under the ownership of the Public Investment Fund (PIF), now wholly owns Saudi Entertainment Ventures (SEVEN), formerly a subsidiary of PIF.
SEVEN will retain its position within the PIF ecosystem and continue its mission of developing 21 entertainment projects in 14 cities throughout Saudi Arabia.
Saudi Entertainment Ventures transferred to Qiddiya Investment Company to leverage business synergies between the two entities, enrich their offerings, and support PIF’s broader strategy for the entertainment, leisure, and sports sector.
This transition unites two organisations with aligned goals of promoting enjoyment, nurturing local talent and capabilities, and enhancing the well-being of individuals across Saudi Arabia, aligning with PIF’s comprehensive strategy for the entertainment, leisure, and sports industry, thereby supporting the national tourism strategy and Vision 2030 objectives.
Abdullah Aldawood, Managing Director of Qiddiya Investment Company and Chairman of SEVEN, expressed that this move will significantly enhance their ability to integrate fun and joy into people’s lives, contributing to economic diversification and improving the quality of life for both residents and visitors.
Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and Chairman of the Board of Directors of QIC, revealed Qiddiya’s brand and urban design, envisioning Qiddiya City as the premier global hub for entertainment, sports, and culture, offering unparalleled experiences and expected to draw 48 million visits annually upon completion.
SEVEN is pioneering a new era of entertainment, enhancing the quality of life for residents and visitors with 21 entertainment destinations across 14 cities in Saudi Arabia, featuring a mix of global attractions and SEVEN’s own brands.
Since November 2022, SEVEN has committed SR 50B ($13.3B) towards its entertainment projects, with several groundbreaking announcements and partnerships with renowned global brands like Transformers, PlayDoh, HotWheels, ClipNClimb, WarnerBrothers Discovery, and FlowHouse, signaling a vibrant future for entertainment in the Kingdom.
