Saudi Entertainment Ventures Merges With Qiddiya To Boost Leisure Economy

In a strategic move that marks a significant shift in the entertainment landscape of Saudi Arabia, Qiddiya Investment Company (QIC) and Saudi Entertainment Ventures (SEVEN) have announced a pivotal transfer of ownership. SEVEN, previously a wholly owned subsidiary of the Public Investment Fund (PIF), will now operate under the umbrella of QIC, which continues to be wholly owned by PIF. This development is poised to enhance the offerings of both entities and aligns with PIF's ambitious strategy for the entertainment, leisure, and sport sector in the Kingdom.

The integration of SEVEN into QIC's portfolio is expected to leverage business synergies between the two companies, fostering an enriched entertainment ecosystem. SEVEN's ongoing mission to develop 21 entertainment projects across 14 cities in Saudi Arabia remains steadfast, contributing to the Kingdom's national tourism strategy and supporting Vision 2030's goals for a vibrant society and thriving economy.

Abdullah Aldawood, Managing Director of Qiddiya Investment Company and Chairman of SEVEN, expressed enthusiasm about the merger's potential to invigorate the sector. "This move will supercharge our ability to facilitate the inclusion of play and joy into people’s lives," Aldawood stated, emphasizing the goal to diversify the nation's economy and enhance quality of life for both visitors and residents.

His Royal Highness Prince Mohammad bin Salman bin Abdulaziz has been instrumental in unveiling Qiddiya’s brand and urban design for Qiddiya City. Envisioned as a premier global destination for entertainment, sports, and culture, Qiddiya City aims to draw an estimated 48 million visits annually upon completion. This ambitious project underscores Saudi Arabia's commitment to becoming a leading player in the global entertainment industry.

SEVEN is at the forefront of creating a new genre of entertainment across Saudi Arabia. With plans to invest over 50 billion SAR in its entertainment destinations, SEVEN is set to offer a diverse array of attractions, including partnerships with globally recognized brands such as Transformers & PlayDoh from Hasbro, HotWheels from Mattel, ClipNClimb, WarnerBrothers Discovery, and FlowHouse. These initiatives are part of SEVEN's broader strategy to improve residents' and visitors' quality of life through innovative entertainment solutions.

The announcement in November 2022 of SEVEN's extensive investment plan was followed by groundbreaking developments in Riyadh, Tabuk, Almadinah, Yanbu, and most recently Abha in November 2023. With nine additional projects commencing early groundwork and infrastructure development set for announcement in 2024 onwards, SEVEN is poised to significantly contribute to Saudi Arabia's entertainment landscape.

This strategic ownership transfer between QIC and SEVEN not only signifies a major step forward in realizing Saudi Arabia's Vision 2030 ambitions but also highlights the Kingdom's dedication to establishing a sustainable entertainment ecosystem that caters to diverse audiences. By combining their strengths, QIC and SEVEN are set to redefine entertainment experiences in Saudi Arabia and beyond.

With inputs from SPA