RIYADH — Saudi Entertainment Projects company, a fully owned unit of the Public Investment Fund (PIF), launched a new mega entertainment complex in Riyadh on Wednesday.

Located on the eastern Ring Road at the intersection with King Abdullah Road, the complex will be spread across an area of approximately 100,000 square meters, Saudi Press Agency (SPA) reported.

The entertainment complex — the first from the company — will include a variety of selected recreational facilities.

Abdullah Al Dawood, Chairman of Saudi Entertainment Projects, said that the complex will feature a ‘modern design’ with green spaces and open areas equipped for sports activities and live entertainment and art.

It will also include a variety of local and international restaurants as well as cinema halls.

The complex is hoped to become an entertainment destination for sports activities, picnics and live events, the report added.

The Saudi Entertainment Projects company was first announced by the PIF in September 2017, with SR10bn ($2.7bn) in initial capital, to act as the Kingdom’s entertainment investment arm.

The company is working to support and develop the entertainment sector, build capacity and strengthen local talent through the establishment of various recreational projects across the country. It is focusing on four strategic sectors launching films — launched with the opening of the first cinema in April 2018; recreational complexes; amusement parks; and family entertainment centers.

By the end of 2030, the company’s projects are anticipated to contribute SAR8bn ($2.1bn) to the country’s gross domestic product, serve more than 50 million visitors annually, and create more than 22,000 direct jobs in the kingdom.

It is also hoped to play a vital role in diversifying Saudi economy as per its Vision 2030 agenda.

In April, the Kingdom also launched a massive entertainment resort about an hour’s drive from Riyadh, which is being built on a 334sqkm site.

Qiddiya will include a Six Flags theme park, water parks, motor sports, cultural events, and vacation homes. It hopes to attract 1.5 million visitors annually when the first phase opens in 2022. — Agencies