Saudi Arabia’s sovereign wealth fund is creating an entertainment investment company as the kingdom invests in recreational projects. The kingdom’s Public Investment Fund announced Wednesday it will develop the new company with an initial capital of 10 billion riyals ($2.7 billion).
Its aim will be to provide investment capital to Saudi Arabia’s entertainment industry, which aims to create around 22,000 jobs in the country by 2030. The kingdom is already in talks to open a Six Flags theme park.
In an effort to grow the economy and diversify revenue streams away from oil, Crown Prince Mohammed bin Salman has outlined plans to double what Saudi families spend locally on entertainment.