Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom, has signed a license agreement to build Formula E branded indoor karting attractions across multiple venues.

The attractions will be built at four destinations, located in Riyadh, Jeddah, Dammam and Abha.

Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom. Image courtesy: Saudi Entertainment Ventures
Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom. Image courtesy: Saudi Entertainment Ventures
Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom. Image courtesy: Saudi Entertainment Ventures

SEVEN is a wholly owned subsidiary of the PIF, the country’s sovereign wealth fund, PIF, which has been heavily investing in e-mobility over the last few years.

Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom. Image courtesy: Saudi Entertainment Ventures
Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom. Image courtesy: Saudi Entertainment Ventures
Saudi Entertainment Ventures (SEVEN), which is investing more than 50 billion riyals ($13.3 billion) to build 21 entertainment destinations across the kingdom. Image courtesy: Saudi Entertainment Ventures

Earlier this week, the PIF, which has $700 billion assets under management, furthered its expansion in the sporting arena with the Electric 360 (E360) partnership to back Formula E, Extreme E and E1 powerboat racing, with the aim to support the growth of electric motor sports globally.

(Writing by Bindu Rai, editing by Seban Scaria) seban.scaria@lseg.com