SEVEN Transforming Saudi Arabia's Entertainment Landscape

The SEVEN Giga Project, officially known as Saudi Entertainment Ventures, is a transformative initiative under Saudi Arabia's Vision 2030. Owned by the Public Investment Fund (PIF), SEVEN aims to establish Saudi Arabia as a global hub for entertainment and tourism. With a focus on creating family-oriented attractions and diverse experiences, SEVEN is key to the Kingdom’s strategy to diversify its economy away from oil dependency. The project is expected to attract over 90 million visitors annually by 2030, significantly boosting the tourism sector.

Strategic Investments and Key Developments

• Total Investment: Approximately $13 billion is earmarked for the development of various entertainment destinations across the Kingdom.
• Subprojects: SEVEN plans to establish 21 entertainment destinations in collaboration with global partners, including:
  • Amusement parks
  • Themed entertainment zones
  • Cultural and recreational facilities
• Current Projects:
  • Madinah Amusement Destination: An investment of $346 million in partnership with BUJV (a joint venture between Al Bawani Co and UrbaCon Trading & Contracting).
• Projected Visitors: SEVEN aims to host over 90 million visitors annually by 2030, reinforcing its role in enhancing Saudi Arabia's tourism industry.
• Global Partnerships: Collaborations with entertainment giants like Hasbro, Discovery, Warner Bros., Mattel, and Clip ‘n Climb to diversify and enrich the Kingdom's entertainment offerings.

How Are Global Companies Capitalizing on SEVEN?

Global companies are already reaping the benefits of their involvement in the SEVEN project, underscoring its strategic importance:

• BUJV: This joint venture is pivotal in constructing the Madinah amusement park, highlighting the significant contribution of local contractors to SEVEN’s vision.
• Warner Bros.: Partnering with SEVEN to develop themed attractions, Warner Bros. leverages its global brand to create unique experiences tailored to both local and international audiences.
• Discovery: Engaged in crafting educational and interactive experiences, Discovery aligns with SEVEN's goal of offering family-friendly entertainment.
• Clip ‘n Climb: Establishing climbing centers to promote physical activity and adventure among the youth, aligning with SEVEN's focus on engaging younger audiences.

These collaborations showcase SEVEN's potential to create a vibrant entertainment ecosystem that benefits both local and international businesses.

Recent Milestones and Contracts in 2024

In 2024, SEVEN continued to demonstrate its commitment to developing Saudi Arabia's entertainment sector:

• January 2024: SEVEN awarded a SAR 1.3 billion ($346 million) contract to BUJV for the construction of the Madinah amusement park, a cornerstone of SEVEN’s entertainment strategy.
• Strategic Collaborations: SEVEN has engaged with several international firms to ensure the successful execution of its entertainment destinations, attracting global talent and expertise.

This progress is part of a broader trend across Saudi Arabia, where SAR 118.8 billion ($31.7 billion) in contracts were awarded in Q1 2024, underscoring the Kingdom’s commitment to achieving its Vision 2030 goals.

Opportunities for Global Companies Eyeing Saudi Expansion with SEVEN

The SEVEN Giga Project presents significant opportunities for international companies looking to enter the Saudi market. Key areas for collaboration and investment include:

• Strategic Partnerships: SEVEN actively seeks collaborations with global firms to introduce innovative entertainment concepts to Saudi Arabia, enhancing their market presence.
• Investment Opportunities: With substantial investment allocated for entertainment destinations, international companies can invest in sectors such as hospitality, retail, and entertainment technology.
• Market Expansion: Participation in SEVEN offers companies access to the rapidly growing Saudi market, which is diversifying beyond oil. This expansion can lead to increased revenue and brand recognition in the Middle East.
• Talent Development: SEVEN is committed to developing a skilled workforce. International companies can benefit by hiring local graduates and professionals, boosting their operational capabilities.
• Government Support: The Saudi government promotes foreign investment through streamlined regulatory processes and favorable tax regimes, making it easier for companies to establish operations in Saudi Arabia.

SEVEN: A Catalyst for Saudi Arabia’s Future Growth

The SEVEN Giga Project is a game-changing initiative that is already delivering tangible results, reinforcing Saudi Arabia’s commitment to diversifying its economy and enhancing its entertainment offerings. With international companies actively participating and benefiting from SEVEN, the project is poised to play a critical role in shaping the Kingdom's cultural and economic landscape, making it an attractive destination for global businesses.

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