Crown Prince launches Events Investment Fund to support 4 sectors

Saudi Crown Prince Mohammed bin Salman

Saudi Crown Prince Mohammed bin Salman launched today, Jan. 17, the Events Investment Fund (EIF), which aims to develop sustainable infrastructure for the culture, tourism, entertainment and sports sectors, the Saudi Press Agency (SPA) reported.

The new fund will further help establish strategic partnerships to boost local industry in the targeted sectors, attract more foreign investments and contribute to Vision 2030’s aim of a vibrant society.

The fund aims to develop sustainable infrastructure in line with the best international criteria to boost the four sectors across the Kingdom through the development of over 35 sites by 2030.

It further seeks to cement the Kingdom’s position as a global hubfor events related to these sectors, in a way that will help generate sustainable returns and promote economic diversification across the Kingdom. These events include indoor arenas, art galleries, theaters, convention and conference centers, horse-racing tracks, auto-racing tracks and other event facilities. The first of these events will be expectedly delivered this year.

The fund will comply with the global financial and investment standards aiming at its portfolio enhancement through the sustainable growth of returns, in addition to asset development. The fund’s environmental, social and governance (ESG) strategy also focuses on invigorating communities, improving the environment and maintaining strong governance.

The EIF will contribute to Vision 2030’s aim of diversifying the Kingdom’s non-oil revenues, increasing tourism contribution to the gross domestic product (GDP) from 3% to 10%, and attracting 100 million visitors to the Kingdom by 2030.   

Additionally, the new fund will boost direct investment opportunities, as well as the Kingdom’s GDP by SAR 28 billion by 2045, strengthen public-private partnerships, create a supportive environment for strategic partnerships and increase job opportunities for citizens.

The EIF’s business activities are aligned with the Crown Prince’s National Development Fund's strategy that was launched last year and aim to make the fund a pivotal enabler for the economic and social objectives of Vision 2030.

The fund will also stimulate a threefold increase in the private sector's impact on the Kingdom's economy by 2030, the statement said.