BUSINESS | Saudi PIF Unit SEVEN To Build Them Parks And Entertainment Centers Across The Kingdom

JEDDAH | The Saudi Entertainment Ventures Company (SEVEN) plans to develop them parks and entertainment centers around the country. Plans include 20 entertainment destinations, 50 cinemas and two large them parks in prime locations across the Kingdom, the Public Investment Fund unit said in a  statement on Tuesday.

Each complex will feature several entertainment and leisure choice including cinemas, play areas, rides, F&B, attractions and more.

We are committed to realizing the goals of Saudi Vision 2030 to accelerate the creation of world-class entertainment assets in the Kingdom that support economic diversification, create new jobs, and contribute to socio – economic progress’, said SEVEN Chairman Abdullah Al-Dawood. ‘Our complexes will position the Kingdom as an entertainment, culture and tourism hub of the region’.

The new attractions are planned for cities that include Jeddah, Jazan, Taif, Tabuk and Yanbu as well as the Holy Cities of Makkah and Madinah.

In the capital the entertainment center at Al Hamra will serve the densely populated suburbs of north east Riyadh, with some 2.5 million people living within a 30 minute drive. In Dammam and Al Khobar, SEVEN is also developing new waterfront attractions.

Entertainment is expected to be a key driver for Saudi economic growth over the next four years according to a report released this week by CBRE, the international real estate broker.

In addition to the new entertainment centers announced by the PIG, a number of other high-profile projects are underway, including the Qiddiya Entertainment City, The Red Sea Projex, AMAALA, Al Ula, King Salman Park and Riyadh Sport Boulevard.

The retail and hosepitality sectors are expected to benefit from the entertainment boom with total retail space in the capital expected to reach 3.5 million square meters (sg m) of gross leasable area by 2024. By 2024, Jeddah’s retail market is expected to witness considerable supply growth, reaching over 2 million sq m.

As of 2019, the Kingdom received about 59 million tourist trips and these figures are expected to continue to increase to 100 million tourist trips by 2024.

‘It is clear that Saudi Arabia remains one of the game changers in the entertainment sectors globally’, said CBRE MENAT Managing Director Nicholas Maclean.

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