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.
Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).