PIF-Backed SEVEN Announces $13.3 Billion Investment in Saudi Entertainment Expansion

PIF-Backed SEVEN Announces $13.3 Billion Investment in Saudi Entertainment Expansion

By Staff Writer, 28 January 2024

Saudi Entertainment Ventures (SEVEN), a subsidiary of the country's sovereign wealth fund, the Public Investment Fund (PIF), is set to invest over 50 billion riyals ($13.3 billion) in the development of 21 entertainment destinations across Saudi Arabia.

As part of its diversification strategy, SEVEN has recently entered into a license agreement to establish Formula E branded indoor karting attractions at multiple locations.

The indoor karting attractions, bearing the Formula E brand, are slated to be constructed at four key destinations within the kingdom – Riyadh, Jeddah, Dammam, and Abha.

This move aligns with SEVEN's broader initiative to enhance the entertainment landscape in Saudi Arabia and create diverse recreational opportunities for residents and visitors.

SEVEN, backed by the PIF, has been a significant player in the country's investments, particularly in the realm of e-mobility.

The PIF, boasting assets totaling $700 billion under management, has been actively expanding its presence in the sports sector.

Source: Bindu Rai / Zawya

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