Saudi Entertainment Ventures (Seven) is merging with Qiddiya Investment Co. (QIC), which is part of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF).

The move is in line with the strategy to establish an entertainment, sports and culture powerhouse in the kingdom, the state-owned Saudi Press Agency (SPA) reported on Tuesday.

By joining QIC, Seven, which is also a subsidiary of PIF, supports the group’s objectives in “developing the concept of play”, as well as enhancing local talent and improving the quality of life across the kingdom, the agency stated.

Established in 2018, Seven will continue to redefine the concept of entertainment in Saudi Arabia by developing and operating 21 entertainment projects in 14 Saudi cities, with investments worth more than SAR 50 billion ($13.3 billion), SPA noted.

Last December, Qiddiya City’s urban plan and global branding was launched. The company seeks to establish itself as a “leading entertainment, sports and culture powerhouse” and targets 48 million visitors every year.

(Writing by Cleofe Maceda; editing by Seban Scaria)