Saudi Arabia plans 2.7-billion-dollar entertainment firm

CAIRO (dpa)- A major Saudi investment fund will create an entertainment subsidiary with a capital of 10 billion riyals (2.7 billion dollars), as the conservative kingdom seeks to diversify its oil-dependent economy.
The new company by the Public Investment Fund will "play an effective investment role" in the entertainment sector, the official Saudi news agency SPA reported Wednesday.

The company is planning to invest in several entertainment projects, including an entertainment complex that will be launched by 2019, SPA said.
Last year, Saudi Arabia unveiled the 2030 Vision, an ambitious plan aimed at turning the kingdom into an investment hub.
The plan is championed by young Saudi Crown Prince Mohammed bin Salman, who is interested in opening up the country to the outside world.
Saudi Arabia, which follows a strict version of Islam, has long placed stringent curbs on entertainment.

Thursday, September 21st 2017

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