Saudi’s Crown Prince launches an events investment fund

Saudi’s Crown Prince launches an events investment fund

Crown Prince, Prime Minister, and Chairman of the Events Investment Fund (EIF), Mohammed bin Salman bin Abdulaziz Al-Saud, launched EIF, a fund that aims to develop a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors across the Kingdom.

EIF will conceptualize, finance, and oversee the development of more than 35 venues by 2030. The aim of EIF is to position the Kingdom as the global hub in these various event sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar, and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.

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 fund also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Vision 2030’s aim of a vibrant society.

EIF is also contributing to Vision 2030 with respect to diversifying the economy and increasing its share of non-oil GDP, as well as supporting the contribution of the tourism sector to annual GDP, from its current rate of 3% to more than 10% by 2030.

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

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