Saudi Arabia’s crown prince launches Events Investment Fund set to be worth billions

The EIF aims to create strategic partnerships to boost the local industry and increase foreign investment. (SPA)
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Updated 17 January 2023
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Saudi Arabia’s crown prince launches Events Investment Fund set to be worth billions

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the launch of the Events Investment Fund (EIF), a fund that aims to develop a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors across the Kingdom, the Saudi Press Agency reported.
The EIF aims to create strategic partnerships to boost the local industry and increase foreign investment. It will conceptualize, finance, and oversee the development of more than 35 venues by 2030, the state news agency reported.
The fund will focus on developing and increasing direct foreign investment opportunities for a contribution of SR28 billion ($7.45 billion) to the Kingdom’s gross domestic product by 2045. 

Highlights

It will focus on developing and increasing direct foreign investment opportunities for a contribution of SR28 billion ($7.45 billion) to the Kingdom’s gross domestic product by 2045. 

The fund will focus on strengthening partnerships between the public and private sectors and ensure an environment conducive to investment and help increase job opportunities for citizens.

The creation of EIF aims at positioning the Kingdom as the global hub of cultural, tourism, entertainment, and sports activities. It seeks to develop a world-class sustainable infrastructure including indoor arenas, art galleries, theaters, conference centers, horse-racing tracks, auto racing tracks, and other facilities across the Kingdom. The SPA reported that the fund aims to deliver its first asset by 2023. 

The fund is committed to upholding the highest environmental, social, and governance standards. It aims to increase the tourism sector’s annual contribution to the GDP to more than 10 percent by 2030. The fund will also support the Kingdom in achieving its goal of becoming a global tourist destination, attracting more than 100 million visitors by 2030 and making it one of the world’s most visited countries. 
 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.