Monitoring Desk
ISLAMABAD: Aiming to develop sustainable infrastructure in Saudi Arabia, Crown Prince Mohammed bin Salman launched the Events Investment Fund (EIF). The fund will support the sectors that include sports, entertainment, tourism, and culture.
According to the Saudi Press Agency, the EIF will aid in creating long-term alliances to increase foreign investment and develop local industry. By 2030, the fund will aid in the development of over 35 venues. All project stages including the conceptualization, finances, and oversight will be financed by the EIF.
Investment fund to boost direct foreign investment
By 2045, the fund’s contribution to developing and increasing opportunities for direct foreign investment would be such that $7.45 billion will be added to the Kingdom’s gross domestic product.
The fund would be utilized such that the public and private sectors will be strengthened such that employment opportunities for Saudi citizens will increase. Apart from the fund will ensure that the Kingdom is conducive to investment.
The EIF aims to deliver its first asset during the current year.
