Saudi Entertainment Ventures (SEVEN), a wholly owned subsidiary of the Public Investment Fund (PIF), has announced its commitment to invest US$13.29 billion to develop 21 integrated entertainment destinations with more than 150 innovative attractions, in partnership with prominent international brands, across 14 cities in Saudi Arabia.
In a statement, SEVEN said that construction of the first entertainment destination in the Al Hamra district of Riyadh has already begun. The announcement comes at a time of rapid growth within the Saudi entertainment sector, as the country looks to diversify its sources of income, create jobs, and contribute to raising the quality of life for citizens and residents.
Abdullah AlDawood, Chairman, SEVEN, said: “SEVEN is redefining the future of entertainment in Saudi Arabia through our 21 entertainment destinations across 14 cities with more than 150 world-class attractions that enhance the quality of life for the people of Saudi Arabia.
“We are partnering with leading entertainment brands and will continue to do so to develop entertainment destinations like no other. The ground-breaking of our first destination in Al Hamra district in Riyadh is a pivotal milestone and we are excited to bring unparalleled experiences to the people and visitors of the Kingdom.”
Providing Opportunities and Growing the Local Economy
The Al Hamra destination, which has an investment value of more than US$798.1 million, is set on a land area of more than 90,000 square metres, with a built-up area of 167,000 square metres. It occupies a strategic location at the intersection of the Eastern Ring Road and King Abdullah Road in Riyadh.
SEVEN Al Hamra is expected to attract six million visitors per year by providing world-leading entertainment attractions, the chairman added.
He added: “We believe that the entertainment sector in Saudi Arabia is full of opportunities and plays an important role in the growth of the local economy. It also forms a strong basis for creating jobs and is a strong driver for a large number of other economic sectors including the local tourism sector. We will provide opportunities for local SMEs, develop Saudi talent, localise technical expertise and transfer knowledge through our global partnerships.”
Shapoorji Pallonji, one of the largest engineering, procurement, and construction conglomerates in the region, to undertake the construction and management of the SEVEN Al Hamra project. It will feature a number of signature entertainment experiences, including an indoor hubless wheel, Wave House indoor surfing, a 10-lane bowling alley, indoor skydiving, an indoor karting racetrack, as well as cinemas, restaurants, cafes, and international retail stores.
It will also be home to numerous world-first entertainment attractions developed through global partnerships, including a Discovery indoor adventures centre, an edutainment attraction offering a world of exploration, play and education; Clip 'n Climb, featuring 40 climbing challenges for all ages; and a Transformers themed ride-based attraction, offering highly immersive experiences.
M.D. Saini, Managing Director and CEO of Shapoorji Pallonji, said: “Saudi Arabia, through Vision 2030, has ambitions to become one of the best places to live and visit in the world. We at Shapoorji Pallonji feel honoured that SEVEN chose to partner with us on this ambitious and path-breaking venture. We are already executing multiple projects in Saudi Arabia and this project will certainly add significantly to our business portfolio and further establish our long-lasting legacy in Saudi Arabia.”
The developer has partnered with companies such as AOA, CallisonRTKL (in collaboration with Thinkwell), WME and Ellis Don, to design these entertainment destinations, the statement continued, adding that the locations have been strategically selected to serve the wider population of Saudi Arabia and ensuring accessibility for all.
The upcoming projects will be in the cities of Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanbu, Abha, Jazan, Buraidah, and Tabuk.
- Jindal Steel to set up US$3bn green steel facility in OmanConstruction Projects
- Bechtel appointed as PM consultant for TROJENA at NEOMConstruction Projects
- Foster+Partners to design new Riyadh mega-airport masterplanConstruction Projects
- Polygon acquires 100% of All Consulting Services in ItalyConstruction Projects