Saudi Entertainment Ventures to be Incorporated into Qiddiya Investment Co.
In a groundbreaking move, leisure firm Saudi Entertainment Ventures, also known as SEVEN, is set to be integrated into Qiddiya Investment Co., an affiliate of the Kingdom’s sovereign wealth fund.
Advancing the Entertainment Concept Across the Kingdom
The integration of SEVEN into QIC will not only strengthen the objectives of advancing the entertainment concept but also nurture local talents and capabilities, and improve the quality of life across the Kingdom. With investments surpassing SR50 billion ($13.3 billion), SEVEN aims to revolutionize leisure nationwide through the development and operation of 21 entertainment destinations across 14 cities in Saudi Arabia.
Fostering a Culture of Playfulness and Joy
Abdullah Al-Dawood, managing director of QIC and chairman of SEVEN, emphasized the significance of this integration in fostering a culture of playfulness and joy among all members of society. This move aims to nurture knowledge, skills, and creativity among individuals, ultimately creating a new concept of fun and improving the quality of life.
A World-Class Entertainment System
SEVEN aims to provide various options through its entertainment zones and partnerships with top global creators, including renowned brands like Transformers, Play-Doh, and Warner Bros. The entertainment company also offers a diverse range of dining experiences tailored to visitors’ preferences.
Future Projects and Ambitions
SEVEN has announced details of its projects in Riyadh, Tabuk, Madinah, Yanbu, and Abha, with nine additional projects slated to commence soon. The megaproject of Qiddiya City aims to become the premier destination worldwide for entertainment, sports, and culture, with a goal of welcoming 48 million visitors annually.
Priority in the PIF’s Local Strategy
The entertainment sector is a priority in the PIF’s local strategy, aiming to enhance integration among its owned projects and companies within the sector to increase operational efficiency. SEVEN will benefit from the opportunities and capabilities provided by QIC, paving the way for a new era of entertainment in Saudi Arabia.