Saudi Arabia has launched Events Investment Fund (EIF), to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom.
The fund, launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister and Chairman of EIF, also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Vision 2030’s aim of a vibrant society.
EIF will conceptualize, finance and oversee the development of more than 35 venues by 2030. EIF is expected to position the Kingdom as the global hub in these various event sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the Kingdom’s economic diversification efforts.
EIF assets include indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto-racing tracks and other event facilities across the Kingdom, with the aim of delivering its first asset by 2023. Aligned with the Kingdom’s sustainability agenda, the fund is committed to upholding the highest environmental, social, and governance (ESG) standards.
EIF’s strategy is focused on three main pillars, enhancing its environment, invigorating societies and maintaining strong governance. It is committed to attracting foreign investment and maintaining financial standards aimed at strengthening its investment portfolio and achieving sustainable growth in both returns and assets.
Additionally, EIF will support the transformation of the Kingdom into a global tourist destination, attracting more than 100 million visitors by 2030 and making it one of the world’s most visited countries. This is aligned with the Kingdom’s quality of life program, which aims to improve the quality of life for individuals and families by developing the necessary sustainable venues. The fund will focus on developing and increasing direct foreign investment opportunities for a GDP impact of $7.4 billion by 2045.
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