Saudi Entertainment Industry Receives Shot in the Arm with Seven-Qiddiya Merger

The Public Investment Fund (PIF) of Saudi Arabia announced a significant development in the country's entertainment sector with the merger of its subsidiaries, Saudi Entertainment Ventures (SEVEN) and Qiddiya Investment Company (QIC). This strategic move combines SEVEN's expertise in developing and operating entertainment destinations across the kingdom with QIC's focus on Qiddiya City, a giga-project envisioned as a hub for global entertainment, sports, and culture.

The merger, orchestrated under the umbrella of PIF, aims to solidify Saudi Arabia's position as a major entertainment player. SEVEN brings to the table its experience managing a portfolio of 21 entertainment projects in 14 Saudi cities, representing an investment of over $13. 3 billion. These projects encompass a wide range of offerings, from amusement parks and cinemas to live performance venues and family entertainment centers.

QIC, on the other hand, contributes Qiddiya City, a sprawling development located on the outskirts of Riyadh. Qiddiya City is designed to be a global tourism destination, featuring a Six Flags theme park, a first-of-its-kind Dragon Ball theme park, a dedicated gaming and esports district, a motorsports track, and various golf courses. With an ambitious goal of attracting 48 million visitors annually, Qiddiya City is expected to be a cornerstone of Saudi Arabia's entertainment landscape.

By combining forces, SEVEN and QIC are expected to create a more robust and diversified entertainment ecosystem in Saudi Arabia. The pooling of resources and expertise will enable the development of a wider range of offerings, catering to a broader audience. This strategic move aligns with Saudi Vision 2030, a national transformation program that emphasizes economic diversification and improving the quality of life for Saudi citizens.

A key aspect of the merger is the focus on nurturing local talent and fostering a culture of entertainment within the kingdom. SEVEN has a proven track record in supporting the development of Saudi artists, performers, and creative professionals. This focus is expected to continue under the merged entity, with Qiddiya City potentially serving as a platform for showcasing local talent on a global stage.

The merger is also anticipated to contribute to the growth of Saudi Arabia's non-oil GDP, a critical aspect of Vision 2030. By attracting tourists and stimulating domestic entertainment spending, the combined forces of SEVEN and QIC are expected to generate significant economic benefits for the kingdom.

The strategic alliance between SEVEN and QIC marks a significant step forward for Saudi Arabia's entertainment industry. With a more comprehensive entertainment infrastructure and a focus on nurturing local talent, the merger has the potential to transform the kingdom into a major player in the global entertainment market.

Previous Article Next Article