Events Investment Fund to develop 20 projects in Riyadh, Jeddah for SAR 8B

Wahdan Al Kadi CEO of the Events Investment Fund (EIF)

Wahdan Al Kadi, CEO of the Events Investment Fund (EIF), said that the fund plans to develop 20 projects in Riyadh and Jeddah at a total value of SAR 8 billion over the next five years.

Speaking to Al-Eqtisadiah on the sidelines of the Development Finance Conference (MOMENTUM) in Riyadh, Al Kadi explained that the projects will include conference centers, exhibition halls, indoor arenas, shooting and equestrian ranges, and art galleries, all to be implemented in partnership with the private sector.

He noted that among the most prominent announced projects is the Qiddiya Shooting Range, valued at SAR 491 million and spanning 450,000 square meters, with an expected return of 9%.

Al Kadi expects these projects to contribute over SAR 20 billion to the Kingdom’s GDP and create 15,000 jobs, indicating that 13 of the projects are scheduled for completion in 2028, while the remaining ones will be completed in 2030.

According to Argaam data, Crown Prince Mohammed bin Salman launched the EIF in January 2023 with an investment capital of SAR 14 billion.

The fund aims to build sustainable infrastructure that supports four promising sectors—culture, tourism, entertainment, and sports—and to establish strategic partnerships that maximize impact in these sectors and enhance opportunities for attracting foreign investment.