Saudi Plans $2.7 Billion Entertainment Firm as Kingdom Opens Up
- Company seen creating 22,000 local jobs by 2030, PIF says
- Part of Saudi Arabia’s long-term economic transformation plan
This article is for subscribers only.
Saudi Arabia’s sovereign wealth fund is setting up a company to invest in local entertainment, as the conservative kingdom tentatively opens up and pursues a long-term strategy to reduce its reliance on oil.
The company will have an initial capitalization of 10 billion riyals ($2.7 billion) and “act as its investment arm in Saudi Arabia’s growing entertainment sector,” the Public Investment Fund said in a statement Wednesday. The aim is for the firm to serve more than 50 million visitors a year and create more than 22,000 local jobs by 2030, it said.