Saudi Arabia to set up $292m entertainment centre in Red Sea city
Business
Kingdom expects over 100m visitors by 2030 as it diversifies its economy
YANBU (Web Desk) – Saudi Entertainment Ventures (SEVEN) – a subsidiary of the Public Investment Fund (PIF) – is going to open a $292 million entertainment centre in Yanbu – a city around 300 kilometres northwest of Jeddah located along the Red Sea.
According to media reports, the seafront entertainment destination will feature carnival rides, 10-screen cinema, bowling alley, indoor golf and a climbing facility, offering visitors a wide variety of experiences designed to engage all age groups from the local community and the surrounding areas. The project’s architecture is inspired by the city’s heritage.
SEVEN is investing more than $13.3 billion to build 21 entertainment destinations as Saudi Arabia aims at diversifying the economy and focus on tourism as one of the tools being used to achieve the purpose.
That’s why it is mandated to invest in developing and operating entertainment destinations with sustainability in mind that caters to the needs of all segments of society in Saudi Arabia according to the highest and latest international standards.
As Saudi Arabia diversifies its economy to reduce dependence upon petrodollars, media reports suggest that Riyadh expects a significant growth in the tourism and leisure sector with the development of 24 theme parks, 420 entertainment centres and the creation of 35 entertainment-based venues.
Under the leadership of Crown Prince Mohammed bin Salman, Riyadh expects to attract over 100 million visitors annually by 2030 through combined efforts of tourism, private and public sectors.
As part of this plan, the General Entertainment Authority has outlined the addition of 350 theatres and 2,500 screens, bringing over 30,000 jobs to the region.
