Saudi Crown Prince Mohammed bin Salman launched the 'Events Investment Fund' to develop sustainable infrastructure in the fields of culture and tourism.
Riyadh (Newshub Update Latest News 25 January 2023) Saudi Arabia's Crown Prince Mohammed bin Salman launched an investment fund to support tourism, culture, and sports infrastructure. Saudi Press Agency 'SPA' reported that Prince Mohammed bin Salman will be the chairman of the Events Investment Fund, a fund that aims to develop sustainable infrastructure for the culture, entertainment, and sports sectors in Saudi Arabia.
The objective of this fund is to promote local industry, increase foreign investment and establish partnerships to achieve Vision 2030 of a vibrant society.
It is reported that the Events Investment Fund (EIF) will develop, finance, and oversee more than 35 venues by 2030. The objective of the EIF Fund is to position the Kingdom of Saudi Arabia as a global center in various sectors and to provide a world-class infrastructure for the delivery of a vibrant national event. The fund's assets include indoor arenas, art galleries, conference centers, horse racing tracks, auto racing tracks, and other event facilities in Saudi Arabia, which aims to deliver its first asset by 2023.
It found that aligned with Saudi Arabia's sustainability agenda, the EIF's strategy rests on three key pillars, including improving the environment, mobilizing societies, and maintaining strong governance. The Fund is committed to attracting foreign investment and maintaining financial quality with the aim of strengthening its investment portfolio and achieving growth in both returns and assets.
It said the Events Investment Fund will also contribute to Vision 2030 in terms of diversifying the economy and supporting tourism's contribution to annual GDP. This will increase tourism's contribution to GDP from the current 3% to more than 10%. Additionally, the EIF will support the transformation of the Kingdom of Saudi Arabia into a global tourism destination, making it one of the most visited countries in the world. It is in line with the Kingdom's Quality of Life, which aims to improve the quality of life for families by creating essential spaces.
The EIF Fund will focus on promoting foreign direct investment for a GDP impact of 28 billion Saudi Riyals by 2045. The focus will be on securing and enhancing the enabling environment to promote partnerships between the private and public sectors, which will also increase employment opportunities for citizens.
The vision of the Events Investment Fund (EIF) is in line with the strategy of the National Development Fund launched by the Saudi Crown Prince and aims to make the fund part of the economic and social objectives of Vision 2030. Overcoming current development challenges and stimulating a 3-fold increase in the impact of the private sector on Saudi Arabia's economy by 2030 is also among the objectives of this (EIF) fund.
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