Riyadh entertainment complex construction gathers pace

Site preparations are underway on the project

  
Construction worker on scaffolding in construction site. Image used for illustrative purpose.

Construction worker on scaffolding in construction site. Image used for illustrative purpose.

Getty Images/ Chaiyaporn Baokaew

DUBAI: Site preparations are underway on a vast entertainment project close to Riyadh.

Saudi Real Estate Infrastructure Co. (Binyah), owned by Saudi Real Estate Co. (Akaria) has signed a contract with Saudi Entertainment Ventures Co. (SEVEN), a unit of the Public Investment Fund (PIF), to carry out the preparatory work of the Entertainment Complex project, located near the Saudi capital.

It is one of several governmental mega projects in the infrastructure sector that the company is working on, Al Akaria Managing Director, Ibrahim Al Alwan, told Al Arabiya on Monday.

He added that the contract was worth SR104.673 million and is expected to be finished by the end of the year, when its financial impact will appear.

Saudi Arabia is investing heavily in big ticket tourism and entertainment projects as it aims to attract overseas visitors and create more jobs in the fledgling sector.

The PIF, which is overseeing Saudi Arabia's shift to a more diversified economy, announced the launch of the Entertainment Investment Co. in 2017.

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