【lowering the larynx】Saudi PIF entertainment company plans to build leisure complex in Riyadh
DUBAI (Reuters) - Saudi Arabia announced plans on Wednesday to build an entertainment complex in the capital Riyadh,lowering the larynx 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 (£2.1 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.
SEVEN has already opened the kingdom's first cinema in nearly four decades, in partnership with U.S. based AMC Group, and hopes to attract private companies to invest alongside it at all of its projects.
Those plans could be complicated by fallout from the murder of journalist Jamal Khashoggi in Saudi Arabia's Istanbul consulate in October, which has led some foreign media and technology companies to distance themselves from the kingdom.
Since the murder, British billionaire Richard Branson has suspended his directorship in two PIF-backed tourism projects along the Red Sea coast. No investors have yet been announced for the ventures.
Hollywood talent agency Endeavor is close to terminating an agreed $400 million investment from PIF over reputational concerns, while Legendary Entertainment said in November it had "no interest" in conducting a proposed transaction with the fund.
However, theme park operator Six Flags is going ahead with plans to open one of its facilities at Qiddiya, a huge resort area the PIF is planning to build outside Riyadh which will also feature water parks, motor sports and cultural events.
(Reporting by Katie Paul; Editing by Jan Harvey)
View comments
(责任编辑:Leisure)
- Vineyard Wind picks GE turbines for Massachusetts offshore wind farm
- Dow Inc. (DOW) Gains But Lags Market: What You Should Know
- Russia's Ozon wants dual listing in Moscow and U.S. -sources
- What Is Berry's (NASDAQ:BRY) P/E Ratio After Its Share Price Tanked?
- One Spark Networks SE (NYSEMKT:LOV) Broker Analyst Just Cut Their Revenue Numbers By 15%
- Dow Surges 2% and Retakes 26K
- Warren Buffett: Know When to Cut Your Losses
- Plastic Additives Market - Growth, Trends, and Forecast (2020 - 2025)
- WhatsApp no longer supported on millions of phones
- SHAREHOLDER ALERT: TUFN EHTH R: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines
- Why Semtech (SMTC) Stock Might be a Great Pick
- Has Canadian Pacific Railway (CP) Outpaced Other Transportation Stocks This Year?
- EMERGING MARKETS-Latam FX attempt comeback, Colombian peso eyes best day in 7 months
- Gatling Discovers 3rd High-Grade Gold Trend at Kir Vit; Encounters Highest Grades to Date
- Considerable EBIT improvement in the first two months of 2020
- SEC delays decision on tZERO’s proposed security token exchange
- 'Big shoes to fill': UniCredit shares tumble as CEO Mustier quits
- Global Vision Care Market (2020 to 2025) - Featuring Alcon, Carl Zeiss and Hoya Among Others
- S.Korea's Moon replaces ministers as sinking ratings put policy agenda at risk
- Inspire Medical Systems, Inc. to Host Earnings Call