Business & Economy

Launching a Saudi investment fund for events

Saudi Crown Prince Mohammed bin Salman revealed the launch of the Investment Events Fund, headed by him, with the aim of developing a sustainable infrastructure to support four promising sectors: culture, tourism, entertainment, and sports, building strategic partnerships to maximize impact in the targeted sectors, increase opportunities to attract foreign investments, and contribute to Achieving the goals of the Kingdom’s Vision 2030 by building a prosperous economy and a vibrant society.

The strategic objectives of the Events Investment Fund are based on developing a sustainable infrastructure in accordance with the highest international standards to support the entertainment, tourism, culture and sports sectors in the Kingdom, through the development of more than 35 unique sites by 2030.

The fund also looks forward to contributing to strengthening the Kingdom’s position as a global center for various activities and events related to these sectors, by providing a sustainable and world-class infrastructure that provides an opportunity to present a distinguished program of events and activities that meet national aspirations and contribute to achieving sustainable financial returns, which would be a factor Support and enable the efforts and march of economic diversification in the Kingdom. These projects include art galleries, theaters, conference centers, horse racing tracks, shooting ranges, car racing and other assets throughout the Kingdom. The first project is expected to be delivered during this year.

The Events Investment Fund is also committed to international investment and financial standards aimed at strengthening its investment portfolio by achieving sustainable growth in returns and multiplying assets, as the fund’s strategy for environmental, social practices and corporate governance focuses on three main axes that include improving the environment, enriching societies, and adhering to the highest standards of governance. In achieving the goals of Vision 2030 by diversifying non-oil sources of income for the Kingdom, in addition to establishing a sustainable infrastructure aimed at increasing the economic contribution of the tourism sector from 3% of GDP to 10% and attracting 100 million visitors by 2030,

The activities of the Investment Events Fund will focus on developing and increasing direct investment opportunities for international companies and banks, and contributing to the gross domestic product equivalent to 28 billion riyals by 2045.

The fund will focus on enhancing the horizons of partnership and business between the public and private sectors, securing a supportive environment for creating strategic partnerships, and increasing the number of job opportunities for citizens.

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