Saudi Arabia’s Qiddiya Investment Co. has announced it will take over the Public Investment Fund’s (PIF) Saudi Entertainment Ventures (SEVEN) to advance its goal of redefining entertainment in Saudi Arabia.
The acquisition aims to “capitalise on business synergies between the two companies,” the companies said in a statement to the Saudi Press Agency.
SEVEN was launched by PIF in 2017, with the goal of developing and operating 21 entertainment projects in 14 Saudi cities, with investments worth more than SAR 50 billion ($13.3 billion), SPA noted.
SEVEN also seeks to provide various options through its recreational locations and global partnerships with key global entertainment providers such as Transformers and PlayDoh from Hasbro, Discovery Adventures from WarnerBrothers, HotWheels from Mattel, ClipNClimb and FlowHouse.
The value of the transaction was not disclosed.
