Riyadh to set up entertainment firm

Project is part of Saudi Arabia's Vision 2030 to reduce its dependence on oil

RIYADH: Saudi Arabia’s sovereign wealth fund is set to create a $2.7 billion entertainment investment company, state media said on Wednesday, as the ultra-conservative kingdom opens up avenues for leisure. The country seeks to increase domestic spending on entertainment and launch hundreds of recreation centres across the kingdom as part of its Vision 2030 to reduce its dependence on oil. “The Public Investment Fund is in the process of developing a new company to act as its investment arm in Saudi Arabia’s growing entertainment sector,” the Saudi Press Agency said. “The company, which will have initial capitalisation of 10 billion riyals, will play an active investment role in various areas of the entertainment sector.”

Published in The Express Tribune, September 21^st, 2017.

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