Saudi Arabia launches Events Investment Fund (EIF) supporting development in various sectors

RIYADH, Saudi Crown Prince and Prime Minster Mohammad bin Salman Al-Saud announced Tuesday the launch of the Events Investment Fund (EIF), aiming to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the Kingdom.

The fund, according to the state-run news agency (SPA), also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Saudi Vision 2030’s aim of a vibrant society.

EIF is meant to position the Kingdom as a global hub in these various event sectors, to provide sustainable infrastructure and support Saudi’s economic diversification efforts.

Its assets include indoor arenas, art galleries, theaters and conference centers, horseracing tracks, auto racing tracks and other event facilities.

The fund is committed to upholding the highest environmental, social, and governance (ESG) standards, as EIF’s strategy consists of three main pillars; enhancing the environment, invigorating societies and maintaining strong governance.

Aligning with the Kingdom’s quality of life program, the fund will focus on nurturing partnerships between the private and public sectors, securing a supportive environment for strategic partnership in the events industry and increasing the number of job opportunities for citizens.

The agency added that the fund’s aims go accordingly to the National Investment Fund strategy, launched by the Crown Prince, to face existing developmental challenges in line with global practices and stimulating an increase in the private sector’s impact on the Kingdom’s economy by 2030.

Source: Kuwait News Agency