【caffeine in brisk iced tea】Saudi PIF entertainment company plans to build leisure complex in Riyadh
DUBAI (Reuters) - Saudi Arabia announced plans on Wednesday to build an entertainment complex in the capital Riyadh,caffeine in brisk iced tea the latest in a series of state-backed efforts to encourage public leisure activities after decades of tight social restrictions.
The 100,000 square metre complex will be developed by the Saudi Entertainment Ventures Company (SEVEN), a wholly owned subsidiary of the kingdom's sovereign wealth fund, according to a statement carried by state news agency SPA.
The project will feature sports activities, live performances, restaurants and cinemas, it said. It did not specify the value of the investment.
The Public Investment Fund established SEVEN last year with initial funding of 10 billion riyals (£2.1 billion) and hired former Disney executive Bill Ernest to run it.
The company aims to set up about 20 entertainment centres around the country over the next several years, as Saudi Arabia tries to use the leisure sector to create jobs, liberalise social norms and diversify the economy beyond oil exports.
SEVEN has already opened the kingdom's first cinema in nearly four decades, in partnership with U.S. based AMC Group, and hopes to attract private companies to invest alongside it at all of its projects.
Those plans could be complicated by fallout from the murder of journalist Jamal Khashoggi in Saudi Arabia's Istanbul consulate in October, which has led some foreign media and technology companies to distance themselves from the kingdom.
Since the murder, British billionaire Richard Branson has suspended his directorship in two PIF-backed tourism projects along the Red Sea coast. No investors have yet been announced for the ventures.
Hollywood talent agency Endeavor is close to terminating an agreed $400 million investment from PIF over reputational concerns, while Legendary Entertainment said in November it had "no interest" in conducting a proposed transaction with the fund.
However, theme park operator Six Flags is going ahead with plans to open one of its facilities at Qiddiya, a huge resort area the PIF is planning to build outside Riyadh which will also feature water parks, motor sports and cultural events.
(Reporting by Katie Paul; Editing by Jan Harvey)
View comments
(责任编辑:Hotspot)
- Lockheed Martin (LMT) Wins $1B Deal for Super Hercules Fleet
- Euro Sun Mining Announces the Filing of a Business Acquisition Report in Connection with its Acquisition of Vilhelmina Minerals Inc.
- Guggenheim Energy & Income Fund Announces Tender Offer
- Russia asks for ships disinfection from Iran, Italy and South Korea in Novorossiisk - document
- Is It Smart To Buy Guaranty Federal Bancshares, Inc. (NASDAQ:GFED) Before It Goes Ex-Dividend?
- Insights on the Surgical Sealant/Tissue Patch Global Market to 2025 - Key Drivers and Restraints
- Harvard and Yale Are No Match for the Bears
- Coronavirus strands merchant ship crews at sea for months
- Global Automotive Plastics Markets, 2020-2027 - Focus on ABS, PP, PU, PVC, PE, PC, PMMA, PA & Others
- Natural Gas Price Fundamental Daily Forecast – Crushed by ‘Exceptionally Comfortable’ Temps Ahead of EIA Data
- INSIGHT-The religious retreat that sparked India's major coronavirus manhunt
- Tokyo Stock Exchange Halts Trading For Entire Day Over Technical Glitches
- JPMorgan Agrees To Acquire Tax-Smart Fintech Startup 55ip
-
SEC delays decision on tZERO’s proposed security token exchange
The U.S. Securities and Exchange Commission (SEC) has delayed the decision of approving or disapprov ...[详细] -
INSIGHT-The religious retreat that sparked India's major coronavirus manhunt
By Devjyot Ghoshal, Aftab Ahmed and Alasdair PalNEW DELHI, April 3 (Reuters) - It was late on Sunday ...[详细] -
StockBeat: Virus Derails Intu's Rescue Plan
By Geoff SmithInvesting.com - The coronavirus appears to have claimed its latest victim in U.K. shop ...[详细] -
Where Do Hedge Funds Stand On Pacific Mercantile Bancorp (PMBC)?
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when ...[详细] -
HSBC, Standard Chartered Shares Plunge After Dividend Payment Cancellations
By Gina LeeInvesting.com - Banking giants HSBC (HK:0005)and Standard Chartered PLC (HK:2888)saw thei ...[详细] -
Dublin, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The"Virtual Reality in Aerospace and Defense - Thematic Re ...[详细]
-
Wall Street falls as coronavirus shreds U.S. payrolls
By Sinéad CarewNEW YORK (Reuters) - Wall Street's main indexes fell more than 1.5% on Friday as the ...[详细] -
StepStone Real Estate Adds Margaret McKnight as Partner
NEW YORK, Dec. 01, 2020 (GLOBE NEWSWIRE) --StepStone Real Estate announced today that it has hired M ...[详细] -
Harpoon Therapeutics Reports Third Quarter 2020 Financial Results and Provides Corporate Update
SOUTH SAN FRANCISCO, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Harpoon Therapeutics, Inc. (Nasdaq: H ...[详细] -
Teleste's financial reporting and Annual General Meeting in 2021
TELESTE CORPORATION STOCK EXCHANGE RELEASE 5.11.2020 at 14:00TELESTE'S FINANCIAL REPORTING AND ANNUA ...[详细]
- FINAL DEADLINE TODAY: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against HDFC Bank Limited and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
- Canada job growth slows, impact of new lockdowns still to come
- US$4.75 - That's What Analysts Think Century Aluminum Company (NASDAQ:CENX) Is Worth After These Results
- Halozyme Therapeutics, Inc. Just Recorded A 24% EPS Beat: Here's What Analysts Are Forecasting Next
- Coronavirus fears spark 'panic buying' of toilet paper, water, hand sanitizer. Here's why we all need to calm down
- Natural Gas Price Fundamental Weekly Forecast – Heating Season Begins with Hedge Funds Holding Long Positions
- Tokyo Stock Exchange Halts Trading For Entire Day Over Technical Glitches