Saudi Entertainment Ventures Ownership Transferred to Qiddiya Investment Company in a Move That Will Turbocharge Saudi Arabia's Entertainment and Leisure Economy
Qiddiya Investment Company (QIC), a global leader in entertainment and the world’s most passionate ambassador for the power of play and Saudi Entertainment Ventures (SEVEN), a wholly owned PIF company mandated to building a sustainable entertainment ecosystem through investing in, developing and operating entertainment destinations across the Kingdom of Saudi Arabia announced today a strategic transfer of ownership, in which Saudi Entertainment Ventures (SEVEN) now becomes wholly owned subsidiary of Qiddiya which in turn remains wholly owned by PIF. SEVEN will remain part of the PIF ecosystem and will continue to deliver on its mandate to develop 21 entertainment projects in 14 cities across Saudi Arabia.
PIF’s transfer of ownership of Saudi Entertainment Ventures (SEVEN) to Qiddiya Investment Company (QIC) aims to capitalize on business synergies between the two companies, enhance their offerings and support PIF’s wider strategy for the entertainment, leisure and sport sector.
This transfer brings together two like-minded organizations with a shared mission of bringing play and joy to life, bolstering local talent and capabilities and enhancing the quality of life for people across the Kingdom. It forms a key part of PIF’s wider strategy for the entertainment, leisure, and sports sector to and will support Saudi Arabia’s national tourism strategy. It will also contribute to Vision 2030’s ambitions for a vibrant society, a thriving economy, and an ambitious nation.
Commenting on this announcement, Abdullah Aldawood, Managing Director of Qiddiya Investment Company and Chairman of SEVEN, stated: "This move will supercharge our ability to facilitate the inclusion of play and joy into people’s lives. By building an unprecedented entertainment ecosystem that diversifies our nation’s economy, we aim to improve the quality of life for visitors and residents alike”.
His Royal Highness Prince Mohammad bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Board of Directors of QIC unveiled Qiddiya’s brand and urban design for Qiddiya City, with the ambition of becoming the foremost global destination for entertainment, sports, and culture. As a one-of-a-kind destination, Qiddiya City promises endless fun and excitement for its residents and visitors and is expected to attract an anticipated 48 million visits per year upon completion.
SEVEN is creating a new genre of entertainment that will contribute to improving the quality of life of residents and visitors alike through building 21 entertainment destinations designed by its “fungineers” across 14 cities around the kingdom offering a range of entertainment options, from global attractions and SEVEN’s homegrown brands. Complementing the offering with handpicked retail and F&B offering that meets everyone’s needs and create unforgettable memories.
In November 2022, SEVEN announced its +50 billion SAR investment across its entertainment destinations which followed a series of groundbreaking announcements in Riyadh, Tabuk, Almadinah, and Yanbu and most recently Abha which is the fifth project to be announced in November 2023. SEVEN has 9 additional projects that have started their early groundwork and infrastructure development in which they will be announced in 2024 onwards. In parallel, SEVEN announced a series of partnerships with globally renowned attraction brands such as Transformers & PlayDoh from Hasbro, HotWheels from Mattel, ClipNClimb, WarnerBrothers Discovery and FlowHouse.
