Qiddiya Investment Company Merges with SEVEN to Boost Saudi Entertainment

In a move designed to accelerate the development of Saudi Arabia's entertainment sector, Qiddiya Investment Company (QIC) announced the incorporation of SEVEN, the Kingdom's leading entertainment development firm. This strategic merger strengthens Saudi Arabia's ambition to transform its entertainment landscape and position Qiddiya, a mega entertainment city under construction, as a key contributor to the nation's economic diversification goals.

SEVEN, established in 2017 by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, has been instrumental in driving the growth of the domestic entertainment sector. The company boasts a portfolio of 21 entertainment projects across 14 Saudi cities, representing a total investment of over SAR 50 billion (USD 13. 3 billion). These projects encompass a diverse range of entertainment offerings, including theme parks, cinemas, and cultural attractions.

The merger between QIC and SEVEN is anticipated to create a unified entertainment powerhouse under the PIF umbrella. This combined entity will be better equipped to oversee the large-scale development of Qiddiya, envisioned as a futuristic entertainment megacity located on the outskirts of Riyadh. Qiddiya is planned to feature six distinct zones, including amusement parks, sporting facilities, water parks, natural attractions, and cultural centers. Residential areas, hotels, and resorts are also slated to be part of the Qiddiya development, creating a holistic entertainment destination.

Officials believe that the merger will significantly enhance Qiddiya's ability to attract visitors and contribute to Saudi Arabia's economic growth. Abdullah Aldawood, the managing director of QIC and chairman of SEVEN, emphasized the importance of the merger in fostering a vibrant entertainment culture within the Kingdom. "This step ultimately aims to create a new concept of fun and improve the quality of life by building an integrated and unprecedented entertainment ecosystem capable of contributing significantly to Saudi Arabia's economic diversification agenda, " Aldawood stated.

By combining QIC's focus on developing Qiddiya with SEVEN's expertise in entertainment operations, the merger is expected to expedite the completion of Qiddiya and solidify its position as a premier entertainment destination in the region. The project is anticipated to not only boost tourism but also create significant job opportunities and support the growth of related industries.

The merger between QIC and SEVEN reflects Saudi Arabia's commitment to transforming its entertainment sector and fostering a more diversified economy. With its vast resources and strategic focus, the unified entity is well-positioned to play a leading role in shaping the future of entertainment in the Kingdom.

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