SEVEN, Qiddiya merge to set up Saudi lifestyle, leisure giant
CONSTRUCTION NEWS
Saudi Entertainment Ventures (SEVEN), a subsidiary of the country's sovereign wealth fund PIF, has announced its merger with Qiddiya Investment Company (QIC) in a move that will see the establishment of a lifestyle and entertainment giant in the kingdom.
Announcing the entry of SEVEN into its group of companies. Saudi-based QIC said the move enhances the entertainment ecosystem and achieves integration between QIC’s activities in the sector.
By joining QIC, SEVEN supports the group's objectives in developing the concept of play, enhancing local talents and capabilities, as well as improving the quality of life across Saudi Arabia.
The group will continue to redefine the concept of entertainment in Saudi Arabia with investments to the tune of more than SAR50 billion ($13.3 billion) and elevate the leisure experience for visitors by developing and operating 21 entertainment projects in 14 Saudi cities.
SEVEN has announced a series of partnerships with globally renowned attraction brands such as Transformers and Play Doh from Hasbro, Discovery Adventures from Warner Bros., Hot Wheels from Mattel, Clip ‘n Climb, and Flow House. It is further complemented with handpicked retail and food and dining options for all tastes.
This come following a series of key announcements in Riyadh, Tabuk, Al Madinah and Yanbu, in addition to nine additional projects that will be unveiled in the coming period.
On the strategic move, Abdullah Aldawood, Managing Director of Qiddiya Investment Company and Chairman of SEVEN, said: "This is an important step that enhances our ability to encourage all Saudi Arabia’s residents and visitors, to embrace the concept of play; with its positive impact on society as a whole. It aims to develop knowledge, skills and creativity."
"This step ultimately aims to create a new concept of fun and improve the quality of life by building an integrated and unprecedented entertainment ecosystem capable of contributing significantly to Saudi Arabia’s economic diversification agenda," stated Aldawood.
The announcement of ownership follows the launch of Qiddiya City’s urban plan and global branding in December 2023.
Qiddiya seeks to become a leading entertainment, sports and culture powerhouse in the near future, aiming to welcome 48 million visitors annually to enjoy Qiddiya City’s world-class attractions and unique experiences.
PIF had launched SEVEN in 2017, while Qiddiya stands as a PIF giga-project. SEVEN reflects PIF’s efforts to develop and empower promising sectors in Saudi Arabia and will contribute to diversifying the economy and increasing the growth of non-oil GDP to meet the aims of Saudi Vision 2030.
Entertainment is one of PIF’s primary strategic local growth sectors, with an aim to enhance integration between projects and companies owned by PIF and increase their operational efficiency. SEVEN will leverage Qiddiya’s capabilities and opportunities to grow investment.-TradeArabia News Service
