Saudi Crown Prince launches EIF to support infrastructure developments in the culture, tourism & entertainment
Saudi Crown Prince, HRH Mohammed bin Salman bin Abdulaziz Al Saud announced on Tuesday the Saudi Events Investment Fund (EIF) launch, which he chairs. The fund has the aim of developing sustainable infrastructure to support four sectors.
The list of promising sectors included: culture, tourism, entertainment, and sports, and building strategic partnerships to maximize impact in the targeted sectors, increase opportunities to attract foreign investments, and contribute to achieving the goals of the Kingdom’s Vision 2030 by building a prosperous economy and a vibrant society.
EIF Objectives
The strategic objectives of the EIF are based on developing sustainable infrastructure in accordance with the highest international standards. This will support the Kingdom’s entertainment, tourism, culture, and sports sectors, through the development of more than 35 unique sites by 2030.
The Fund looks forward to contributing to strengthening the Kingdom’s position as a global center for various activities and events related to these sectors, by providing a sustainable and world-class infrastructure that provides an opportunity to present a distinguished program of events and activities that meet national aspirations.
The return from the Fund will support and empower the Kingdom’s efforts to advance economic development. As a result of the assets, art galleries, theaters, conference centers, and horse racing tracks will be built, with the first project due for completion this year.
Funding Obligations
The EIF adheres to international investment and financial standards aimed at strengthening its investment portfolio by achieving sustainable growth in returns and multiplying assets.
The fund’s strategy for environmental, social, and corporate governance focuses on three main axes: improving the environment, enriching communities, and adhering to the highest standards of governance.
It also aims to participate achieve Vision 2030 by diversifying non-oil sources of income for the Kingdom and ng a sustainable infrastructure aimed at increasing the economic contribution of the tourism sector from 3% of GDP to 10% and attracting 100 million visitors by 2030.
This is in line with the Kingdom’s ambition to be among the countries that receive the most tourists in the world, as well as the Quality-of-Life Program (QLP), which aims to enhance the quality of life of individuals and families by developing sustainable programs.
The work of the EIF will focus on developing and increasing direct investment opportunities for international companies and banks. Moreover, by 2045, it will also contribute to a gross domestic product equivalent to SAR 28 billion.
The fund will focus on enhancing the horizons of partnership and business between the public and corporate sectors. It will also provide a conducive environment for fostering ventures. Furthermore, it will increase the number of job opportunities for citizens.
The activities of the Events Investment Fund are in harmony with the strategy of the National Development Fund launched by the Crown Prince. This year is a strategic year, which aims to make the fund a driving force for the economic and social goals of King 2030.
Additionally, the private sector is expected to contribute more than three times the developmental impact of the Kingdom’s economy by 2030.
