The Kingdom’s sovereign wealth fund affiliate, Qiddiya Investment Co. (QIC), is going to acquire convenience company Saudi Entertainment Ventures.
SEVEN and Qiddiya Investment Co.
According to the sources, the company, also known as SEVEN, is a subsidiary of the Public Investment Fund. Its integration into QIC will boost the organization’s goals of promoting the entertainment concept, developing local talent and capabilities and raising living standards throughout the Kingdom.
With investments exceeding SR50 billion, SEVEN seeks to transform leisure throughout the country by improving tourist experiences via the construction and management of 21 entertainment attractions spread across 14 cities in the Kingdom.
The managing director of QIC and chairman of SEVEN, Abdullah Al-Dawood, highlighted the importance of the entertainment company’s integration with QIC. He emphasized that by implementing the strategy, we will be able to encourage a culture of joy and fun among all members of society, including citizens, residents and guests.
Through its entertainment zones and collaborations with leading international innovators, SEVEN seeks to offer a variety of possibilities. It includes well-known companies like Warner Bros., Hot Wheels from Mattel, Clip’n Climb, Flow House, Transformers, Play-Doh, Hasbro and Discovery Adventures. Additionally, SEVEN provides a wide variety of meal options that are customized to the tastes of its customers. The entertainment firm has already disclosed information about its projects in Yanbu, Abha, Tabuk and Riyadh. More than nine more projects are expected to start in the near future.
The mega project intends to welcome 48 million people a year and quickly establish itself as the world’s most popular destination for sports, entertainment and culture. The PIF’s local strategy prioritizes the entertainment industry with the goal of improving integration between its owned projects and businesses in the industry to boost operational efficiency.
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