Saudi Crown Prince establishes fund to support culture, tourism and sports

17 January 2023

Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud announced the launch of a new Events Investment Fund to expand opportunities in the culture, tourism, entertainment and sports sectors, The Saudi Press Agency reported on Tuesday.

According to him, the fund will focus on developing sustainable infrastructure in these areas, with "more than 35 unique facilities planned to be built by 2030." The fund's projects include art galleries, theaters, conference centers and racetracks throughout the kingdom. According to the plan, the first project will be completed during this year. It is expected that the initiative "will contribute to strengthening the position of the kingdom as an international center of various events, providing them with world-class infrastructure," according to the agency.

According to the plan of the Saudi authorities, the work of the fund will contribute to the goals of the national strategic program "Vision 2030" adopted in 2016, which aims to diversify the country's economy and develop non-resource areas.



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Based on materials from TASS