Saudi Launches Fund to Support Developments in Culture, Tourism, Sport

  • Publish date: Tuesday، 17 January 2023
Saudi Launches Fund to Support Developments in Culture, Tourism, Sport
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Saudi has launched a fund that aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom under the directives of Mohammed bin Salman, Saudi's Crown Prince and Prime Minister.

The Events Investment Fund (EIF) will conceptualize, finance, and oversee the development of more than 35 venues by 2030.

Indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto-racing tracks and other event facilities across the Kingdom are all amongst EIF assets. The first asset is expected to be delivered by 2023.

“The fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of 28 billion riyals ($7.45 billion) by 2045,” SPA reported.

The focus will be on nurturing partnerships between the private and public sectors, securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens.

The Events Investment Fund’s vision is aligned with the National Development Fund’s strategy, launched by the Crown Prince, and aims to make the fund a pivotal enabler for the economic and social objectives of Vision 2030.