Saudi Arabia’s Crown Prince, Mohammed bin Salman, has introduced the Events Investment Fund (EIF) in order to establish a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors in the Kingdom. The fund aims to create strategic partnerships and increase foreign investment in the local industry. The EIF plans to conceptualise, finance, and oversee the development of more than 35 venues by 2030, as reported by the Saudi Press Agency.
The primary goal of the EIF is to increase direct foreign investment opportunities, with the aim of contributing SR28 billion ($7.45 billion) to the Kingdom’s GDP by 2045. The fund aims to position Saudi Arabia as a global hub for cultural, tourism, entertainment, and sports activities by developing world-class sustainable infrastructure, such as indoor arenas, art galleries, theaters, conference centers, horse-racing tracks, auto racing tracks, and other facilities across the Kingdom. The Saudi Press Agency stated that the fund’s first asset is expected to be completed by 2023.
The EIF is committed to maintaining the highest environmental, social, and governance standards. The fund aims to increase the tourism sector’s annual contribution to the GDP to over 10 percent by 2030. Additionally, the EIF will support the Kingdom in achieving its goal of becoming a global tourist destination, attracting more than 100 million visitors by 2030 and making it one of the world’s most visited countries.
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