Saudi Arabia's Public Investment Fund (PIF) is developing an investment arm to target the Kingdom's growing entertainment sector, it said in a statement on Wednesday.
The new investment firm, which aims to improve the quality of entertainment services in Saudi Arabia and broaden the sector, will have an initial capitalization of SAR 10 billion.
“Additionally, the company will expand the scope and variety of entertainment offerings according to the latest international standards,” the statement added.
Various incentives will also be provided by the PIF-launched firm for the entertainment sector.
The PIF said that an entertainment complex will be launched by the new vehicle in 2019, along with other entertainment investments.
"By the end of 2030, the company’s projects aim to serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom, which will contribute around 8 billion SAR to GDP," the statement said.
The firm is part of Saudi Arabia’s ambitious Vision 2030 program, which aims to reform the Kingdom’s economy, as well as its cultural and entertainment sectors.
In May, Crown Prince Mohammed bin Salman, who also heads the Council of Economic and Development Affairs, said that strengthening the entertainment sector could bring the Kingdom about $22 billion, which are spent by Saudi citizens outside of the country on tourism and entertainment.
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