Saudi Entertainment Ventures Company (Seven), a wholly owned subsidiary of the Public Investment Fund (PIF), says it will launch its first entertainment destination in Riyadh on the Eastern Ring Road at the intersection with King Abdullah Road.

The project will be developed on about 100,000 square metres of land and will include a variety of entertainment spaces, including cinemas and areas for live shows, sports facilities, and green and open areas. There will also be restaurants and cafes.

Seven was established by PIF in December 2017 and has a range of projects planned across the kingdom. PIF says it expects Seven's projects to serve more than 50 million visitors a year, provide more than 22,000 direct jobs, and contribute SR8bn ($2.1bn) to the kingdom’s GDP by 2030.

The company has an agreement with US-based AMC to operate AMC Cinemas in the kingdom. Seven and AMC expect to open 30-40 cinemas in 15 cities across Saudi Arabia over the next five years, and 50-100 cinemas in approximately 25 Saudi cities by 2030.

Seven appointed former Walt Disney Company executive Bill Ernest as its CEO last year.

PIF is also planning to develop an entertainment city on the outskirts of Riyadh in the Qiddiya area. Last year it entered into an arrangement with US-based Six Flags to build a theme park within the development on the outskirts of Riyadh.

The plans for the theme park and Qiddiya development were first announced in 2017. US-based Parsons is the programme manager for the scheme.

Contractors and consultants attended a workshop and site visit for construction work on the entertainment city project last year, and consultants have been competing for various roles on the development.