What's Happening?
Saudi Arabia's Event Investment Fund (EIF) has entered into a joint venture with Legends Global to manage and operate new venue projects in the Kingdom. This partnership will focus on developing exhibition
and convention centers, as well as entertainment venues. The first project under this agreement is an Olympic standard shooting range in Riyadh, followed by a business convention and exhibition center and an arena, also in Riyadh. EIF CEO Wahdan Suliman Alkali emphasized that this collaboration aims to set new standards for venue quality and guest experience, while also fostering local talent and driving economic growth. Dan Levy, CEO of Legends Global, highlighted the partnership as a significant opportunity to contribute to Saudi Arabia's Vision 2030 by creating iconic spaces that promote economic diversification, tourism growth, and cultural exchange.
Why It's Important?
This joint venture is a strategic move for Saudi Arabia as it seeks to diversify its economy beyond oil and enhance its global presence in the events sector. By partnering with Legends Global, a company with extensive experience in venue management, Saudi Arabia aims to elevate its infrastructure to international standards, attracting more global events and tourists. This initiative aligns with the country's Vision 2030, which focuses on economic diversification and cultural development. The development of these venues is expected to create new job opportunities, stimulate local economies, and position Saudi Arabia as a competitive player in the global events industry.
What's Next?
The partnership between EIF and Legends Global is set to begin with the construction of the Olympic standard shooting range in Riyadh. As these projects progress, they are likely to attract international attention and investment, further integrating Saudi Arabia into the global events market. Stakeholders, including local businesses and international event organizers, will be closely monitoring the development of these venues. The success of this venture could lead to additional collaborations and projects, further advancing Saudi Arabia's Vision 2030 goals.
