RIYADH, Saudi Arabia, September 20, 2017 /PRNewswire/ --
New national company to act as PIF's investment arm in the entertainment sector
Company aims to improve quality and widen variety of entertainment services
PIF-launched company will serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom by the end of 2030
The Public Investment Fund (PIF) has announced it is in the process of developing a new company to act as its investment arm in Saudi Arabia's growing entertainment sector.
The company, which will have an initial capitalization of SAR 10 billion, will play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships to build the eco-system within the Kingdom. Additionally, the company will expand the scope and variety of entertainment offerings according to the latest international standards. The company's efforts will enable the development of and provide incentives for the entertainment sector, as well as building local capabilities within the Kingdom. The company is planning to invest in a number of entertainment projects, which include an entertainment complex that will be launched by 2019.
The company's establishment is consistent with the ambitions within Vision 2030 to increase the Kingdom's cultural and entertainment offering, to create new employment opportunities, and to make use of the wealth of talent and energy among Saudi's youth. By the end of 2030, the company's projects aim to serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom, which will contribute around 8 billion SAR to GDP.
The new company will form a central pillar of the Kingdom's diverse entertainment sector, providing new investment capital to support the sector's growth and the diversification of the Saudi economy over the short and long-term.
The company will seek to localize the large amount of spending on entertainment outside the Kingdom, in addition to promoting the entertainment sector's role in diversifying revenue streams.
More information can be found at: http://www.pif.gov.sa
About the Public Investment Fund:
In March 2015, the Council of Ministers issued a decree to transfer oversight of the Public Investment Fund to the Council of Economic and Development Affairs (CEDA). As part of this process, a new Board was appointed, chaired by His Royal Highness the Crown Prince Mohammad bin Salman Al-Saud.
To help achieve Saudi Arabia's vision of a sustainable, diversified economy, the Board of Directors has taken several steps to clearly define the Public Investment Fund's vision, objectives and strategy in line with Saudi Vision 2030.
The Public Investment Fund is developing a portfolio of high quality domestic and international investments, diversified across sectors, geographies and asset classes. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom's main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia.
The Public Investment Fund aims to be a global investment powerhouse and the world's most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
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SOURCE The Public Investment Fund (PIF)