Saudi PIF entertainment company plans to build leisure complex in Riyadh

Dubai: Saudi Arabia announced plans on Wednesday to build an entertainment complex in the capital Riyadh, the latest in a series of state-backed efforts to encourage public leisure activities after decades of tight social restrictions.

The 100,000 square metre complex will be developed by the Saudi Entertainment Ventures Company (Seven), a wholly owned subsidiary of the kingdom’s sovereign wealth fund, according to a statement carried by state news agency SPA.

The project will feature sports activities, live performances, restaurants and cinemas, it said. It did not specify the value of the investment.

The Public Investment Fund established Seven last year with initial funding of 10 billion riyals ($2.67 billion; Dh9.77 billion) and hired former Disney executive Bill Ernest to run it.

The company aims to set up about 20 entertainment centres around the country over the next several years, as Saudi Arabia tries to use the leisure sector to create jobs, liberalise social norms and diversify the economy beyond oil exports.