Saudi Crown Prince launches fund to support developments in culture, tourism

Saudi Crown Prince Mohammed bin Salman on Tuesday announced the launch of the Events Investment Fund (EIF) which aims to develop sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom, the Saudi Press Agency (SPA) reported.

The newly established fund, which will contribute to the Kingdom’s Vision 2030 aim of creating a vibrant society, will look at increasing foreign investment.

“The fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of 28 billion riyals ($7.45 billion) by 2045,” SPA reported.

EIF will also play a role spearheading one of the main foundations of Vision 2030 that is diversifying the Kingdom’s economy and “increasing its share of non-oil GDP, as well as supporting the contribution of the tourism sector to annual GDP, from its current rate of 3 percent to more than 10 percent by 2030.”

The fund, SPA added, will also aim for creating strategic partnerships to boost the local industry between the private and public sectors, secure a supportive environment for strategic partnerships in the events industry and increasing the number of job opportunities for citizens.

Coming hand in hand with the boom that the Kingdom has been witnessing, the EIF aims to play a role in positioning Saudi Arabia as a global hub in the events sector and as a global touristic destination.

“EIF will conceptualize, finance and oversee development of more than 35 venues by 2030,” where its assets include indoor arenas, art galleries, theaters, conference centers, horse-racing tracks and auto racing tracks, SPA reported.

It aims to deliver its first asset in 2023 where the fund is committed to the Kingdom’s sustainability agenda through maintaining highest environmental, social, and governance (ESG) standards.