Saudi Arabia Enters the Entertainment World with $2.7-B Investment
Saudi Arabia’s sovereign wealth fund is creating an entertainment investment company as the conservative Kingdom loosens it reins on the fun zone.
The Kingdom’s Public Investment Fund announced Wednesday it will develop the new company with an initial capitalization of $2.7-B
Its aim will be to provide investment capital to Saudi Arabia’s nascent entertainment industry, which aims to create around 22,000 jobs in the country by Y 2030. The Kingdom is in talks to open a Six Flags theme park.
In an effort to grow the economy and diversify revenue streams away from Crude Oil, where prices remain at 50% of what they were in Y 2014, Saudi Crown Prince Mohammed bin Salman has outlined plans to 2X what Saudi families spend locally on entertainment now.