The investment capital of the fund is about 14 billion riyals , and it aims to directly develop more than 35 unique sites. It is expected to contribute 28 billion riyals annually to Saudi Arabia’s GDP. It was established by Royal Decree No. (A/91) in 2019.
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister announced the launch of the fund with the aim of developing sustainable infrastructure to support culture, tourism, entertainment and sports. Strategic partnerships will maximize impact on targeted sectors, increasing opportunities to attract foreign investments.
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.
Site 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 later this year.
The Events Investment Fund adheres to international investment and financial standards aimed at strengthening its investment portfolio by achieving sustainable growth in returns and doubling 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.
It also aims to participate 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 the GDP to 10% and attracting 100 million visitors by 2030.
It is hoped developing and increasing direct investment opportunities for international companies and banks will contribute to the gross domestic product equivalent to 28 billion riyals by 2045. The fund will focus on enhancing the prospects for partnership and business between the public and private sectors and securing an environment that supports the industry of strategic partnerships, and increasing The number of job opportunities for citizens.