Saudi Crown Prince launches Events Investment Fund as part of diversification push – The National

Saudi Crown Prince launches Events Investment Fund as part of diversification push – The National

Saudi Arabia's Crown Prince Mohammed bin Salman has launched Events Investment Fund (EIF) to boost the kingdom's tourism and entertainment sectors as part of its diversification strategy.

EIF, which will be chaired by Prince Mohammed with an initial capitalisation of 14 billion Saudi riyals ($3.7 billion), aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors, an official statement on Tuesday said.

EIF will conceptualise, finance and oversee the development of more than 35 venues by 2030. Its assets will include indoor arenas, art galleries, theatres and conference centres, horse-racing tracks, auto racing tracks and other event facilities.