Saudi Arabia's sovereign wealth fund is set to create a $2.6 billion entertainment investment company, state media reported Wednesday (September 20th).
The kingdom seeks to increase domestic spending on entertainment and launch hundreds of recreation centres across the kingdom as part of its Vision 2030 plan to reduce its dependence on oil, AFP reported.
"The Public Investment Fund is in the process of developing a new company to act as its investment arm in Saudi Arabia's growing entertainment sector," the Saudi Press Agency said.
"The company, which will have an initial capitalisation of 10 billion Saudi riyals ($2.6 billion), will play an active investment role in various areas of the entertainment sector."
The unnamed company will invest in a variety of projects, including an entertainment complex that will be launched by 2019, SPA said, adding that it aims to create more than 22,000 jobs by 2030.
SPA did not give further details about the projects.
Vision 2030, an economic diversification plan unveiled in April 2016, aims to broaden the kingdom’s investment base.
