Saudi Arabia creating $2.7B entertainment investment company

DUBAI, United Arab Emirates — Saudi Arabia's sovereign wealth fund is creating an entertainment investment company as the deeply conservative kingdom loosens the reins on fun.

The kingdom's Public Investment Fund announced Wednesday it will develop the new company with an initial capitalization of 10 billion riyals ($2.7 billion). Its aim will be to provide investment capital to Saudi Arabia's nascent entertainment industry , which aims to create around 22,000 jobs in the country by 2030. The kingdom is already in talks to open a Six Flags theme park.

In an effort to grow the economy and diversify revenue streams away from oil, where prices remain at half of what they were in 2014, Saudi Crown Prince Mohammed bin Salman has outlined plans to double what Saudi families spend locally on entertainment.

Similar News

Asian shares climb, tracking gains in US stocks, oil prices

Aug 12, 2016

Asian shares rose Friday, tracking the rally in U.S. stocks that was driven by strong gains by energy companies and retailers

Russia strikes IS-held city in Syria amid Aleppo fight

Aug 11, 2016

The Russian military sends long-range bombers to strike a series of IS targets in the group's de facto capital of Raqqa _ a fresh round of airstrikes that Syrian activists say killed at least 20 civilians

AP FACT CHECK: Clinton's selective history on trade

Aug 11, 2016

AP FACT CHECK: Hillary Clinton offers a selective accounting of her history on trade in an economic speech, leaving out her support for initiatives that have since become unpopular

Broaden