Saudi Entertainment Ventures (SEVEN) Heralds New Era In Saudi Arabia's Entertainment Sector
RIYADH, Saudi Arabia and LOS ANGELES, Nov. 21, 2019 /PRNewswire/ -- Saudi Arabia-based Seven Entertainment Ventures, SEVEN, is attending IAAPA Expo in Orlando 2019 to underline its breathtaking vision for the country's leisure and entertainment sector – and to search for global partners to help it fulfil its exciting vision.
The company, a subsidiary of the Public Investment Fund, (PIF), is charged with developing a world-class entertainment ecosystem in Saudi Arabia, putting it firmly on the top ten list of global entertainment destinations by 2030.
During IAAPA 2019 the company is revealing its blueprints for amusement parks, entertainment clusters and movie theaters set to create an unrivalled leisure sector across the country, which has a strong desire to diversify its economy away from reliance of oil, gas and petrochemical revenues.
The population of Saudi Arabia, around 34 million people, is predominantly young – the median age is 30 – bright, and keen to take advantage of the nascent entertainment sector. More than 80 per cent of people live in an urban environment.
SEVEN has partnered with Thinkwell Group and Gensler, among others.
SEVEN's multi-billion-dollar roadmap is designed to bring family friendly entertainment clusters to the Kingdom, alongside the rapid re-introduction of a chain of cinemas.
These wide-reaching, ambitious and audacious entertainment clusters are part of the US $64 billion-dollar plans unveiled as part of Saudi Arabia's Vision 2030 blueprint laid down by the Kingdom's government.
His Excellency Turki bin Abdulmohsen Al Sheikh, Chairman of the Board at Saudi Arabia's General Entertainment Authority (GEA) says the Kingdom aims to position itself among the top four entertainment destinations in the Asian region, and in the top ten globally by the end of the next decade (2030).
SEVEN aims to become the leading investor, developer and operator of a diverse entertainment ecosystem in the country, with its ambitious vision already underway since the company's formation in 2017.
Each of SEVEN's planned entertainment destinations will feature a cinema, augmented reality activities, green open areas equipped for sports and aquatic activities, entertainment, live shows and dining venues.
To date, SEVEN's plans which are already underway include two entertainment destinations in Riyadh. The second raft of developments are in the country's Eastern Province, home to nearly 5 million people, will include family entertainment destinations and an inaugural amusement park.
SEVEN is bringing 50 cinemas to Saudi Arabia over the next decade, in a ground-breaking partnership with US based AMC Group, the largest cinema operator in the world.
Bill Ernest, CEO of SEVEN, says: "To ensure our entertainment offerings across Saudi Arabia are world class, we are constantly looking to partner with global innovators, game-changers and those with deep industry experience. That's why SEVEN is keen to speak with as many people as possible in the sector – so IAAPA is a must-attend event for us."
Saudi Arabia hopes to increase international and domestic visits to 100 million a year by 2030. The government expects to create one million tourism jobs.
SEVEN parent company, PIF, eventually expects the company's projects to serve more than 50 million visitors each year, provide more than 22,000 direct jobs and contribute to the GDP with approximately SAR $2 billion annually by 2030.
ABOUT SEVEN:
The Saudi Entertainment Ventures (SEVEN) Company was established by the Public Investment Fund (PIF) in December 2017 mandated to build, own and operate a host of different, world-class entertainment facilities. It is the first entity to obtain a license for operating movie theaters in the Kingdom. In 2018, the Company launched the first cinema in Saudi Arabia after more than 35 years in partnership with U.S. based AMC Group, the largest cinema operator in the world. SEVEN has an ongoing schedule to open 50 theaters across different cities in Saudi Arabia – a total of 450 movie screens.
As the key investment arm for entertainment on a Kingdom-wide level, SEVEN's strategy and focus is the Public Investment Fund commitment to making entertainment and local community lifestyle available across the Kingdom. The Company is planning to invest in the entertainment sector, increase expansion, diversify the service offering and raise the quality based on international standards, in addition to building capacity and up-skilling local talent in the entertainment field across the Kingdom.
SEVEN's vision of creating an entertainment ecosystem is four-fold: launching movie theaters, recreational destinations, amusement parks and family entertainment destinations. PIF expects projects to provide more than 22,000 direct jobs and contribute to the GDP by approximately US 2 billion by 2030.
Through the role as investor, developer and operator of various entertainment offerings Kingdom-wide, SEVEN is the company charged with creating a completely new entertainment ecosystem in Saudi Arabia.
SOURCE Saudi Entertainment Ventures
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