Jeddah: A permanent investment fund for cultural, sports and entertainment programs has been launched in Saudi Arabia. Crown Prince Amir Mohammed bin Salman announced the launch of the ‘Events Investment Fund’. The objective is sustainable infrastructure development to empower the four sectors of culture, tourism, entertainment and sports. The broad objectives of the fund are to build maximum participation of the private sector in these fields, increase the possibility of attracting foreign investment, and mobilize the necessary resources to achieve the goals of ‘Vision 2030’ to build a prosperous economy and a vibrant society.
By 2030, the fund will focus on developing infrastructure for recreation, tourism, culture and sports at more than 35 specific locations across the country. This will be done by developing sustainable infrastructure as per the highest international standards. The fund also hopes to strengthen the country’s position by providing infrastructure to make these regions global hubs for various activities and events.
It will provide an opportunity to present a unique program that fulfills the national aspirations. It will contribute to achieving sustainable financial returns. Diversifying non-oil sources of income, increasing the economic contribution of the tourism sector to GDP from three percent to 10 percent and attracting 10 crore visitors to the country by 2030.
These projects will include construction of art galleries, theaters, conference centers, horse racing tracks, shooting ranges and auto racing. The first project will start this year itself. Direct investment opportunities will be created for international companies and banks. The fund will also focus on contributing to a gross domestic product equivalent to 2,800 crore riyals by 2045. A conducive environment will enable the opening and enhancement of horizons of partnership and business between the public and private sectors. It can also increase the number of employment opportunities for citizens.
