The Events Investment Fund (EIF) is an investment fund for financing the events industry in the Kingdom of Saudi Arabia and building sites to host events in the cultural, entertainment, tourism, and sports sectors. Founded on October 20, 2019, the Events Investment Fund is organizationally linked to the National Development Fund.
Events Investment Fund launch
On January 17, 2023, Crown Prince and Prime Minister, His Royal Highness Prince Mohammed Bin Salman announced the launch of the Events Investment Fund under his chairmanship. The aim is to develop sustainable infrastructure supporting four promising sectors: culture, tourism, entertainment, and sports. The Events Investment Fund seeks to establish strategic partnerships to maximize impact in target sectors, increase opportunities for attracting foreign investment, and contribute to the achievement of the goals of Saudi Vision 2030 of building a thriving economy and a vibrant society.
Events Investment Fund establishment
The Events Investment Fund was established by Royal Order No. A/Ninety-One, issued on October 20, 2019. In March 2020, the EIF's Board of Directors approved the Strategic Direction (Phase One). In November 2020, the EIF’s strategy definition was initiated. In January 2021, the EIF's Board of Directors approved the strategy (Phase Two), and in February 2021, the EIF's Interim Executive Team was formed as per the Executive Committee decision.
Events Investment Fund strategic objectives
The strategic objectives of the Events Investment Fund are to develop sustainable infrastructure according to the highest international standards to support the Kingdom's entertainment, tourism, culture, and sports sectors by developing more than thirty-five unique locations by 2030 in various parts of the Kingdom. These include indoor arenas, art exhibitions, theaters and conference centers, shooting ranges, horse racing tracks, and car racing circuits.
Events Investment Fund strategy
The Events Investment Fund's strategy for environmental, social, and corporate governance practices focuses on three key themes: improving the environment, enriching communities, and adhering to the highest standards of governance. Additionally, it aims to contribute to achieving the objectives of Vision 2030 by diversifying the Kingdom's non-oil sources of income and establishing sustainable infrastructure intended to increase the economic contribution of the tourism sector from 3 percent to 10 percent of gross domestic product and to attract one hundred million visitors by 2030. These efforts align with the Kingdom's aspirations to become one of the world's leading tourist destinations and are consistent with the vision and objectives of the Quality of Life Program, which aims to enhance the well-being of individuals and families through the development of the desired sustainable assets.
Events Investment Fund objectives
The Events Investment Fund aims to upgrade the event industry in the Kingdom, build world-class locations in the cultural, entertainment, tourism, and sports sectors, establish partnerships with leading global operators and innovative developers in the aforementioned sectors, improve infrastructure, contribute to sustainable financial returns, and provide new job opportunities.
The Events Investment Fund aims to bolster the Kingdom's standing as a global hub for diverse events and activities associated with these sectors by establishing sustainable, world-class infrastructure to facilitate the offering of an exceptional program of events and activities aligned with national aspirations. Moreover, it seeks to generate sustainable financial returns to support the Kingdom's economic diversification efforts and journey.
Events Investment Fund investment sectors
The Events Investment Fund endeavors to maximize impact and enhance infrastructure in four key sectors: culture, sports, tourism, and entertainment.
In the sports sector, the Events Investment Fund is developing multiple sports sites by 2030 to achieve the goal of transforming the Kingdom into a global hub for sporting events. The sites include horse racecourses, modern shooting ranges, and car racing facilities capable of hosting world-class events.
The Events Investment Fund also supports the entertainment sector by forging strategic partnerships with global operators, developers, and content creators, through the development of a host of sites including theaters and art exhibitions.
In the culture sector, the fund has been promoting local heritage and sharing it with world countries by building global sites, such as art exhibitions, theaters, and conference centers.
One of the sectors undergoing development by the fund is the tourism sector. This involves enhancing the sector's contribution to the gross domestic product from 3 percent to over 10 percent by 2030, achieved through the development of tourism infrastructure, establishment of global sites, and development of attractive destinations, all while prioritizing sustainability principles.
Events Investment Fund lines of action
The work of the Events Investment Fund is focused on developing and increasing direct investment opportunities for global corporations and banks, and contributing the equivalent of SAR28 billion to gross domestic product by 2045. The Events Investment Fund will focus on strengthening public-private partnerships and business prospects, securing a supportive environment for forging strategic partnerships, and increasing career opportunities for citizens. The work and activities of the Events Investment Fund are aligned with the strategy of the National Development Fund, launched by the Crown Prince on March 14, 2022. The strategy aims for the fund to serve as a driving force and key driver in achieving Saudi Vision 2030's economic and social objectives. It endeavors to tackle prevailing development challenges in line with global best practices and to amplify the private sector’s contribution, targeting a more than threefold increase in developmental impact on the Kingdom's economy by 2030.
Events Investment Fund stake acquisition in 'Tahaluf'
On July 27, 2023, the Events Investment Fund acquired a stake in 'Tahaluf', the Saudi events company established through a joint strategic project between Informa, the international company in the events sector, digital services, and academic knowledge, and the Saudi Federation for Cybersecurity, Programming, and Drones.
The acquisition was officially announced during a signing ceremony at Informa headquarters in London. This investment is part of the Events Investment Fund's plan to develop sustainable infrastructure for the culture, tourism, entertainment, and sports sectors in the Kingdom.
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