The Events Investment Fund (EIF) was established by Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud with the goal of creating a “sustainable infrastructure” for the country’s entertainment, sports, and tourist sectors. The move is a part of the kingdom’s efforts to transition away from an oil-based economy. To further Saudi Arabia’s Vision 2030 goal, the fund would be used to forge strategic alliances in order to “promote domestic industry, increase foreign investment.”
The fund will also be used to finance and develop over 35 venues by 2030, according to Arabian Business, and is aimed at positioning the kingdom as a global hub for various event sectors. “EIF assets include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023,” the Saudi Press Agency (SPA) reported.
With the motive of attracting foreign investment, Saudi Arabia’s EIF aims to maintain “financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets,” the report added. The report added that the EIF will concentrate on private and public partnerships “securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens,” adding that the fund will also focus on developing and expanding opportunities for direct foreign investment, which is expected to have a GDP impact of SAR 28B by 2045. By 2030, EIF will help the kingdom become a popular travel destination that draws more than 100 million tourists.
