Riyadh, Jan 18 (IANS) Saudi Arabia has announced the launch of an investment fund to boost culture, tourism, entertainment and sports sectors in the kingdom, the Saudi Press Agency reported.
The Events Investment Fund (EIF) focuses on increasing direct foreign investment to contribute 28 billion Saudi riyals ($7.46 billion) to the gross domestic product by 2045, Xinhua news agency reported.
The EIF seeks to develop infrastructures, including indoor arenas, art galleries, theatres and conference centres, horse-racing and auto-racing tracks and other facilities, aiming to position Saudi Arabia as the global hub in the culture, tourism, entertainment and sports sectors.
The fund will conceptualise, finance and oversee the development of more than 35 venues by 2030.