Saudi plans leisure complex in Riyadh

Saudi Arabia announced plans yesterday to build an entertainment complex in the capital Riyadh, the latest in a series of state-backed efforts to encourage public leisure activities. The 100,000 square meter complex will be developed by the Saudi Entertainment Ventures Company (SEVEN), a wholly owned subsidiary of the kingdom’s sovereign wealth fund, according to a statement carried by state news agency SPA.

The project will feature sports activities, live performances, restaurants and cinemas, it said. It did not specify the value of the investment. The Public Investment Fund established SEVEN last year with initial funding of 10 billion riyals ($2.67 billion) and hired former Disney executive Bill Ernest to run it. The company aims to set up about 20 entertainment centers around the country over the next several years, as Saudi Arabia tries to use the leisure sector to create jobs, liberalize social norms and diversify the economy beyond oil exports.

SEVEN has already opened the kingdom’s first cinema in nearly four decades, in partnership with US based AMC Group, and hopes to attract private companies to invest alongside it at all of its projects. Theme park operator Six Flags is also going ahead with plans to open one of its facilities at Qiddiya, a huge resort area the PIF is planning to build outside Riyadh which will also feature water parks, motor sports and cultural events.