Saudi Arabia's Crown Prince Mohammed bin Salman has launched Events Investment Fund (EIF) to boost the kingdom's tourism and entertainment sectors as part of its diversification strategy.
EIF, which will be chaired by Prince Mohammed with an initial capitalisation of 14 billion Saudi riyals ($3.7 billion), aims to develop a sustainable infrastructure for the culture, tourism, entertainment and sports sectors, an official statement on Tuesday said.
EIF will conceptualise, finance and oversee the development of more than 35 venues by 2030. Its assets will include indoor arenas, art galleries, theatres and conference centres, horse-racing tracks, auto racing tracks and other event facilities.
The fund aims to deliver its first asset by 2023, the statement said.
It will further raise capital by providing “lucrative high-return opportunities” to the private sector and financial institutions.
“The aim of EIF is to position the kingdom as the global hub in these various event sectors, to provide world-class sustainable infrastructure for the delivery of a national events calendar and to create sustainable financial returns to support the kingdom’s economic diversification efforts,” the statement said.
The fund also aims to create partnerships to boost local industry, increase foreign investment and contribute to Vision 2030.
Saudi Arabia, the world's biggest exporter of oil, is diversifying its economy away from hydrocarbons and has introduced initiatives under Vision 2030 which focus on the manufacturing, tourism, technology and entertainment industries, among others.
Tourism is expected to be a major non-oil growth driver, providing investment opportunities as Saudi Arabia aims to attract 100 million visitors a year by 2030.
The kingdom hopes to become a top-five destination by 2030, as its opens up to foreign tourism and investment.
This month, the Ministry of Investment said 3.6 million foreign tourists visited the kingdom during the second quarter of 2022. Visitors to Saudi Arabia spent 27 billion riyals ($7.19 billion) during the first six months of the year.
EIF will support the contribution of the tourism sector to annual gross domestic product to reach more than 10 per cent by 2030, from its current rate of 3 per cent, the statement said.
Saudi Arabia mega projects — in pictures
The kingdom is also boosting its entertainment offerings.
In November, Saudi Entertainment Ventures (Seven), a wholly owned unit of the Public Investment Fund, said it is planning to invest 50 billion riyals to develop 21 integrated entertainment destinations in 14 Saudi cities.
The new destinations will be developed in partnership with major international brands such as Clip ‘n Climb, Warner Bros Discovery, Mattel, known for its Hot Wheels brand, and Hasbro.
In line with the kingdom's diversification plan, the EIF will focus on increasing direct foreign investment opportunities for a GDP impact of 28 billion riyals by 2045, the statement said.
It will also boost collaboration between the private and public sectors, develop a “supportive environment” for partnership in the events industry and increase the number of job opportunities for citizens.
EIF will also support the kingdom’s quality of life programme, which aims to improve the quality of life for individuals and families by developing the necessary sustainable venues.
The EIF’s vision follows the strategy of the kingdom's National Development Fund, which seeks to stimulate a threefold increase in the private sector's impact on the kingdom's economy by 2030.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Killing of Qassem Suleimani
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
COMPANY%20PROFILE
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RESULT
Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
