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.

You may also interested in

Berlin airport ground staff strike for 2nd consecutive day

Mar 14, 2017

Ground staff at Berlin's two airports are on strike for the second consecutive day in a wage dispute, again forcing the cancellation of most flights to and from the German capital

A midday rally fades as sporting goods stocks are penalized

Aug 18, 2017

US stocks can't maintain a midday rally and finish lower as sporting goods companies sink following disappointing results from Foot Locker and Hibbett Sports

Trump names 2 to serve on embattled energy panel

May 9, 2017

President Donald Trump has tapped an aide to Senate Majority Leader Mitch McConnell and a veteran Pennsylvania regulator to serve on the Federal Energy Regulatory Commission

People also read these

Berlin airport ground staff strike for 2nd consecutive day

Mar 14, 2017

Ground staff at Berlin's two airports are on strike for the second consecutive day in a wage dispute, again forcing the cancellation of most flights to and from the German capital

A midday rally fades as sporting goods stocks are penalized

Aug 18, 2017

US stocks can't maintain a midday rally and finish lower as sporting goods companies sink following disappointing results from Foot Locker and Hibbett Sports

Trump names 2 to serve on embattled energy panel

May 9, 2017

President Donald Trump has tapped an aide to Senate Majority Leader Mitch McConnell and a veteran Pennsylvania regulator to serve on the Federal Energy Regulatory Commission

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH