Saudi Arabia’s Public Investment Fund to establish company to invest in country’s entertainment sector

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has announced it is in the process of developing a new company to act as its investment arm in the Kingdom’s growing entertainment sector. The company, which will have an initial capitalization of $ 2.67 billion (SAR 10 billion), will play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships to build the eco-system within the Kingdom. Additionally, the company will expand the scope and variety of entertainment offerings according to the latest international standards. The company’s efforts will enable the development of and provide incentives for the entertainment sector, as well as building local capabilities within the Kingdom. The company is planning to invest in a number of entertainment projects, which include an entertainment complex that will be launched by 2019.