Racing tracks, theaters and art galleries; Here's what Saudi Arabia plans through investment fund for tourism

RIYADH -  Saudi Arabia’s Crown Prince, Muhammad bin Salman has announced the launch of EIF, a fund aimed at developing tourism as well as other sectors with top-notch amenities to help attract citizens from across the world.

The Events Investment Fund aims to develop a sustainable infrastructure for culture, tourism, entertainment and sports sectors across the Kingdom, with facilities like racing tracks as well.

It is envisioned that the fund will bolster the contribution of the tourism sector to annual GDP, from its existing rate of 3 per cent to over 10 per cent by 2030 and would provide alternate options to travelers going to Europe and other countries for leisure and fun.

As part of the plan, indoor arenas, art galleries, theaters and conference centers, horse-racing tracks, auto racing tracks and other event facilities across the Kingdom will be developed. The first project in this regard would be ready by 2023.

The fund will support the transformation of Saudi Arabia into a global tourist destination, attracting over 100 million visitors by 2030; it is poised that the fund will help make the kingdom one of the world’s most visited countries and would achieve the plan of shifting the country's revenue sources from oil to other streams.

The fund is being seen as a major game changer considering the fact that it will conceptualize, finance and oversee development of over 35 venues by 2030.