Saudi Arabia has launched the Events Investment Fund (EIF) that aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors across the kingdom.

The fund, announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister and Chairman of EIF, also aims to create strategic partnerships to boost local industry, increase foreign investment and contribute to Vision 2030’s aim of a vibrant society.

EIF will be capitalised with SR14 billion ($3.7 billion) to directly develop more than 35 world-class venues across the kingdom by 2030, according to the fund.

EIF will focus on developing and increasing direct foreign investment opportunities for a GDP impact of SR28 billion ($7.5 billion) by 2045. It will further raise capital by providing lucrative high-return opportunities to the private sector and financial institutions.

The focus will be 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 aim of EIF is to position the kingdom as the global hub in various events sectors, to provide world-class sustainable infrastructure for the delivery of an ambitious national events calendar and to create sustainable financial returns to support the kingdom’s economic diversification efforts. EIF assets include indoor arenas, art galleries, theatres and conference centres, horse-racing tracks, auto racing tracks and other event facilities across the kingdom, with the aim of delivering its first asset by 2023.