15 May 2024
RIYADH: Leisure firm Saudi Entertainment Ventures is set to be incorporated into Qiddiya Investment Co., an affiliate of the Kingdom’s sovereign wealth fund.
The integration of the firm, also known as SEVEN – another subsidiary of the Public Investment Fund – into QIC will strengthen the objectives of advancing the entertainment concept, nurturing local talents and capabilities, and improving the quality of life across the Kingdom, the Saudi Press Agency reported.
SEVEN aims to revolutionize leisure nationwide by enhancing visitor experiences through the development and operation of 21 entertainment destinations across 14 cities in the Kingdom, with investments surpassing SR50 billion ($13.3 billion).
Abdullah Al-Dawood, managing director of QIC and chairman of SEVEN, underscored the significance of the entertainment firm’s integration into QIC. He emphasized that this move supports their ability to foster a culture of playfulness and joy among all members of society, including citizens, residents, and visitors, thus contributing positively to societal well-being.
“The step also aims to nurture knowledge, skills, and creativity among individuals, ultimately targeting to create a new concept of fun and improving quality of life through the development of an integrated and unprecedented entertainment system, capable of contributing significantly to the Kingdom’s economic diversification plan,” Al-Dawood added.
SPA noted that SEVEN aims to provide various options through its entertainment zones and partnerships with top global creators.
These include renowned brands like Transformers, Play-Doh, Hasbro and Discovery Adventures as well as Warner Bros, Hot Wheels from Mattel, Clip’ n Climb, and Flow House.
Moreover, SEVEN offers a diverse range of dining experiences tailored to visitors’ preferences.
SPA added that the entertainment company has previously announced details of its projects in Riyadh, Tabuk, and Madinah as well as Yanbu, and Abha, with over nine additional projects slated to commence in the near future.
This announcement follows the launch of the urban plan for Qiddiya City and the global brand of Qiddiya in December 2023.
The megaproject aims to soon become the premier destination worldwide for entertainment, sports, and culture, with a goal of welcoming 48 million visitors annually. This ambition is supported by its wealth of world-class landmarks and distinctive attractions.
The entertainment sector is a priority in the PIF’s local strategy, which aims to enhance integration among its owned projects and companies within the sector, increasing operational efficiency.
The source concluded that SEVEN will benefit from the opportunities and capabilities provided by QIC.