Riyadh, Saudi Arabia; 30 November 2022: Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), has announced its commitment to invest SAR 50 billion to develop 21 integrated entertainment destinations with over 150 innovative attractions, in partnership with prominent international brands, across 14 cities in Saudi Arabia. Construction of SEVEN’s first entertainment destination in the Al Hamra district of Riyadh has begun.
The announcement comes at the same time as rapid growth within the Saudi entertainment sector, and the country’s efforts to consolidate the position of the sector in order to diversify sources of income, create jobs, contribute to raising the quality of life for citizens and residents, and improve the ranking of Saudi cities among the best cities globally.
SEVEN will introduce a new concept in the world of entertainment; its destinations will offer various experiences including a wide range of entertainment attractions, a variety of local and international dining outlets and many more – all under one roof. SEVEN has also secured partnerships with leading global entertainment companies, including Clip ‘n Climb, Warner Bros. Discovery, Mattel for its Hot Wheels brand and Hasbro for its Transformers and Play-Doh brands, to develop world-first entertainment attractions.
Abdullah AlDawood, Chairman, SEVEN, said: “SEVEN is redefining the future of entertainment in Saudi Arabia through our 21 entertainment destinations across 14 cities with more than 150 world-class attractions that enhance the quality of life for the people of Saudi Arabia. We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other. The ground-breaking of our first destination in Al Hamra district in Riyadh is a pivotal milestone and we are excited to bring unparalleled experiences to the people and visitors of the Kingdom.”
He added: “We believe that the entertainment sector in Saudi Arabia is full of opportunities and plays an important role in the growth of the local economy. It also forms a strong basis for creating jobs and is a strong driver for a large number of other economic sectors including the local tourism sector. We will provide opportunities for local SMEs, develop Saudi talent, localise technical expertise and transfer knowledge through our global partnerships.”
SEVEN’s entertainment destination in Al Hamra, which has an investment value of more than SAR 3 billion, is set on a land area of more than 90,000 square metres with a built-up area of 167,000 square metres and occupies a strategic location at the intersection of the Eastern Ring Road and King Abdullah Road. SEVEN Al Hamra is expected to attract 6 million visitors per year by providing world-leading entertainment attractions.
SEVEN has awarded Shapoorji Pallonji, one of the largest engineering, procurement, and construction conglomerates in the region, to undertake the construction and management of the project. The agreement was signed by Abdullah AlDawood, Chairman of SEVEN, and Vidya Sagar, Vice President of Shapoorji Pallonji, at a ceremony held at the SEVEN Al Hamra site.
