As a reaction to the new vision for attracting over 100 million visitors to the Kingdom. The Events Investment Fund came to make Saudi as one of the top 5 most visited countries in the world, so let’s discover this fund and its objectives.
About the Events Investment Fund
The (EIF) is a unique blend, born from the synergy between government sponsorship and the dynamism of the private sector. The fund has adopted two meticulous approach:
- Developing and managing event venues.
- Leveraging the best global investment practices to ensure sustainable financial returns.
This includes establishing 35 attractive locations in all over the country, comprising theaters, art galleries, sports arenas and racing tracks. Which enhances the Kingdom’s capacity to host world class events.
It’s worthy to mention that the fund depends on various partnerships, including Partnerships between the private and public sectors and Innovative financial products.
These partnerships extend beyond financial collaboration to include the development of surrounding infrastructure and concentrating on:
- Creating added value for local communities.
- Simulating real estate investment.
- Enhancing the attractiveness of cities for both visitors and investors alike.
Also read about: Investment in NEOM.
Objectives of the Events Investment Fund
EIF’s objectives turn these future ambitions became true, including the following:
Locations Developing
The first and main objective of this fund is developing 35 locations, preparing them for special events, including theaters, art galleries and sports arenas. This will enhance the national infrastructure and attract visitors from all over the world.
Tourism Contribution in Economy
It aims to increase the tourism sector’s contribution to GDP from 3% to 5%, thereby supporting the diversification of non-oil revenue sources. In addition to organizing some events, such as the Cultural Events in Saudi Arabia.
Attracting Tourist
By 2030, the Events Investment Fund seeks to attract 100 million visitors, making the Kingdom one of the top visited destinations in the world.
Economic Support
With the new project and events of this fund, including the cultural and social ones, multiple job opportunities will be opened for citizens and residents.
Importance of the Events Investment Fund
Moving to the importance of the (EIF), it has a hidden one that extends to diverse sectors, for example:
- Diversifying non-oil revenues to boost economic sustainability.
- Building world class infrastructure to host international events.
- Enhancing city appeal and property values to attract local and international investments.
- Positioning the Kingdom as a top global tourist destination.
Value Creation and Growth Drivers of EIF
The real value that this fund aims to achieve is more than assisting events, its projects are connected with the local community, creating economical and social sustainable impacts.
Every exceptional developed location of this fund considered as:
- A visitor’s attractive platform.
- Key elements of increasing the real estate market and value.
- A catalyst of developing the surrounding areas of every project.
Key Growth Drivers and Value Creators
The EIF depends on certain factors and keys to increase the value, for example:
- Develop hotels and tourist facilities near key sites.
- Boost retail with integrated commercial areas.
- Enhance food and beverage offerings for complete visitor experience.
- Drive sustainable economic growth linking events, investment and communities.
The EIF’s Vision and Leadership
The CEO of the fund emphasizes the role of executive leadership in guiding the Kingdom toward hosting world class events.
He stresses the importance of global partnerships with local and international operators and developers to drive economic growth. In addition to ensuring each project creates positive social, economic and environmental impact.
In light of the above, the Events Investment Fund concentrates on creating a different concept of entertainment as an effective element in economic development. Through Bayut Blog, you can discover all that you need to know about this process and the futuristic plans of Saudi Arabia.
