Saudi Entertainment Ventures Joins Qiddiya Investment Company

Riyadh, May 14, 2024: Qiddiya Investment Company (QIC), a global leader in entertainment and developer of the concept of play, has announced the entry of Saudi Entertainment Ventures (SEVEN) into its group of companies. The move, reported by the Saudi Press Agency (SPA), enhances the entertainment ecosystem and achieves integration between QIC’s activities in the sector.

Context and Background

SEVEN, launched by the Public Investment Fund (PIF) in 2017, is a wholly-owned PIF company dedicated to redefining entertainment in Saudi Arabia. Qiddiya, also a PIF giga-project, is developing Qiddiya City, a sprawling entertainment, sports, and culture destination near Riyadh. The integration of SEVEN into QIC aligns with PIF’s strategy to develop and empower promising sectors, diversify the economy, and increase non-oil GDP in line with Saudi Vision 2030.

Key Details

By joining QIC, SEVEN will support the group’s objectives in developing the concept of play, enhancing local talents and capabilities, and improving quality of life across the Kingdom. SEVEN will continue to develop and operate 21 entertainment projects in 14 Saudi cities, with total investments exceeding SAR 50 billion. These projects will feature partnerships with globally renowned brands such as Transformers and Play Doh from Hasbro, Discovery Adventures from Warner Bros., Hot Wheels from Mattel, Clip ‘n Climb, and Flow House. The announcement follows key project unveilings in Riyadh, Tabuk, Al Madinah, and Yanbu, with nine additional projects to be revealed soon.

Abdullah Aldawood, Managing Director of Qiddiya Investment Company and Chairman of SEVEN, commented: “This move 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.”

Implications and Impact

The integration of SEVEN into QIC strengthens the synergy between PIF-owned entities, enhancing operational efficiency and investment growth. It is expected to accelerate the development of Saudi Arabia’s entertainment sector, create thousands of job opportunities, and boost domestic tourism. The move also supports the Kingdom’s goal of attracting 48 million visitors annually to Qiddiya City, positioning the country as a leading global entertainment destination.

Vision 2030 Alignment

This strategic integration is a cornerstone of Saudi Vision 2030’s economic diversification ambitions. By leveraging Qiddiya’s world-class infrastructure and SEVEN’s operational expertise, the partnership will drive growth in non-oil GDP, empower local talent, and elevate the quality of life for citizens and residents alike. As Saudi Arabia continues to open its doors to the world, this collaboration underscores the Kingdom’s commitment to innovation, entertainment, and sustainable development.

20 Questions

Q1. What is Saudi Entertainment Ventures (SEVEN)?

A1. SEVEN is a Public Investment Fund-owned company dedicated to developing and operating entertainment projects across Saudi Arabia, including theme parks, attractions, and family entertainment centers.

Q2. Who owns SEVEN now?

A2. SEVEN has joined Qiddiya Investment Company (QIC), a portfolio company of the Public Investment Fund, making it part of QIC’s group of companies.

Q3. What is Qiddiya Investment Company?

A3. QIC is a global leader in entertainment and the developer of Qiddiya City, a mega-entertainment, sports, and culture destination in Saudi Arabia, and a PIF giga-project.

Q4. Why did SEVEN join QIC?

A4. The move aims to enhance the entertainment ecosystem, integrate QIC’s activities, and support the development of the concept of play in line with Vision 2030.

Q5. How many projects will SEVEN operate?

A5. SEVEN will develop and operate 21 entertainment projects in 14 Saudi cities, with investments totaling over SAR 50 billion.

Q6. Which global brands are partnering with SEVEN?

A6. SEVEN has partnered with brands like Transformers, Play Doh, Discovery Adventures, Hot Wheels, Clip ‘n Climb, and Flow House.

Q7. What is the lead sentence of the article?

A7. The lead sentence highlights QIC’s announcement of SEVEN joining its group, enhancing the entertainment ecosystem and integration.

Q8. Who is Abdullah Aldawood?

A8. He is the Managing Director of Qiddiya Investment Company and Chairman of SEVEN.

Q9. How does this move support Saudi Vision 2030?

A9. It supports economic diversification, non-oil GDP growth, and quality of life improvements, core pillars of Vision 2030.

Q10. What is the total investment in SEVEN projects?

A10. The total investment exceeds SAR 50 billion.

Q11. When was SEVEN launched?

A11. SEVEN was launched by PIF in 2017.

Q12. What is the expected annual visitor number for Qiddiya City?

A12. Qiddiya City aims to welcome 48 million visitors annually.

Q13. Which cities are part of SEVEN’s projects?

A13. Projects are planned in Riyadh, Tabuk, Al Madinah, Yanbu, and other Saudi cities.

Q14. How does SEVEN contribute to local talents?

A14. By developing entertainment projects, SEVEN creates opportunities for local talent and enhances skills in the sector.

Q15. What is the role of PIF in this integration?

A15. PIF, as the parent entity, aims to integrate its companies to increase operational efficiency and enhance strategic growth sectors.

Q16. What is the concept of ‘play’?

A16. It refers to entertainment and recreation as a means to improve quality of life, creativity, and social well-being.

Q17. Are there any new announcements planned?

A17. Yes, SEVEN has announced nine additional projects to be unveiled in the coming period.

Q18. How does this affect tourism in Saudi Arabia?

A18. It boosts domestic tourism by offering world-class entertainment, attracting both local and international visitors.

Q19. What is the significance of this integration for the economy?

A19. It contributes to non-oil GDP growth and supports economic diversification, a key Vision 2030 objective.

Q20. Where can readers find more information?

A20. For further details, readers can refer to the original article from Saudi Press Agency, dated May 14, 2024.

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