Saudi Arabia launches investment fund for sports, entertainment events
Crown Prince Mohammed bin Salman’s aggressive modernization plans have been criticized for being overly ambitious.
Saudi Crown Prince Mohammed bin Salman launched Tuesday a new investment fund to support infrastructure related to sports, tourism and more.
The Events Investment Fund will “develop a sustainable infrastructure” for the culture, tourism, entertainment and sports sectors throughout Saudi Arabia. The fund set a goal of financing and developing more than 35 venues by 2030 and will develop the following infrastructure, the official Saudi Press Agency reported:
- indoor arenas
- art galleries
- theaters
- conference centers
- horse-racing tracks
- auto racing tracks
The Events Investment Fund plans to finish its first project this year, according to the agency.
Why it matters: The project is in line with Saudi Arabia’s strategic objectives to diversify its oil-based economy per the Vision 2030 initiative. The kingdom has invested heavily in sports, tourism and related endeavors recently.
