PIF subsidiary plans 20 entertainment centers in Saudi

Development and Investment Entertainment Company (DIEC), a wholly owned subsidiary of the Public Investment Fund (PIF), is considering setting up a network of entertainment centers across the Kingdom, Reuters reported, citing its chairman Abdullah Al-Dawood. 

The fund will develop about 20 centers, each around 50,000 to 100,000 square meters, in 14 or 15 cities. The centers will feature entertainment facilities such as cinemas, venues for public performances, restaurants and retail space.

Established in January, the SAR 10 billion ($2.7 billion) DIEC will invite private companies to invest alongside it on a commercial basis, aiming to establish the centers over the next several years.

“We need to ignite investment by the private sector, so the government is taking the lead in this,” Al Dawood said, adding it expects all of its projects to be "commercially viable".

Meanwhile, DIEC plans to set up two other clusters of theme parks: one in the Jeddah and the other in the Eastern Province, the report said.

Last week, Saudi Arabia announced the launch of the SAR 130 billion Quality of Life program, aimed at improving individual and family lifestyles in the Kingdom.

According to the official document of the program, Saudi Arabia aims to develop 16 family entertainment centers, 45 cinemas, three amusement parks, 11 museums, among a host of other venues by 2020.