Riyadh – Mubasher: Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, plans to establish a network of entertainment centres across the kingdom as the government seeks to bolster its local leisure industry.
Development and Investment Entertainment Company (DIEC) aims to set up around 20 recreational centres, extending over around 50,000 to 100,000 square metres per each, in 14 or 15 cities, chairman Abdullah Al-Dawood told Reuters.
He highlighted that DIEC, established by the PIF last January, would invite private firms to invest alongside it on a commercial basis, targeting to build the centres over the forthcoming years.
Investment by the private sector needs to be ignited in order to make the government take the lead in this matter, he said on the sidelines of a business conference in Jeddah.
DIEC also plans to construct two other clusters of theme parks, including one in the Jeddah area and another in Eastern Province, Al-Dawood added.
