Riyadh – Mubasher: The Saudi Entertainment Ventures (SEVEN) on Tuesday announced its second recreational complex in Ar Rabwah region, Riyadh.
With the building covering an area of 135,000 square metres, SEVEN explained that the complex would include various recreational options and activities, according to a statement.
Launched in the fourth quarter of 2017, SEVEN, which is a wholly-owned subsidiary and investment unit of Saudi Arabia's state-owned Public Investment Fund (PIF), focuses mainly on the entertainment industry.
Last week, PIF’s unit unveiled plans to build the first movie theatre in the Saudi city of Khobar.
In January, the General Entertainment Authority’s (GEA) Turki Al-Sheikh said he would meet with domestic banks and major companies to discuss the establishment of seven recreational, multi-use facilities.
Last month, Al-Sheikh inked various contracts with British companies to boost the kingdom’s recreation sector, while Saudi GEA inked two deals with Indian entertainment firms.
Investing in the recreation sector is a major part of the Saudi Vision 2030, which seeks to diversify the Saudi economy away from oil revenues.
In November last year, the Development and Investment Entertainment Company (DIEC) was rebranded to SEVEN
