Saudi Arabia’s Public Investment Fund (PIF) has transferred ownership of Saudi Entertainment Ventures (SEVEN) to Qiddiya Investment Company, creating one giant entertainment company.
SEVEN will now be owned by Qiddiya, which remains owned by the PIF. It will continue to develop the 21 entertainment projects across14 cities in the country.
The move aims to combine the expertise of the two companies into one entertainment powerhouse for the Kingdom.
Abdullah Aldawood, managing director of Qiddiya Investment Company and chairman of SEVEN, said: “This move is an important step that enhances our ability to encourage all Saudi Arabia’s residents and visitors to embrace the concept of play; with its positive impact on society as a whole.
“It aims to develop knowledge, skills and creativity. This step ultimately aims to create a new concept of fun and improve the quality of life by building an integrated and unprecedented entertainment ecosystem capable of contributing significantly to Saudi Arabia’s economic diversification agenda.”
SEVEN’s investments total more than SAR50bn (US$13.3bn) and it has already announced a series of partnerships with brands such as Hasbro, Discovery Adventures and Warner Bros.
