Saudi Arabia’s Event Investment Fund (EIF) has formed a joint venture with Legends Global focusing on the development of a range of venues across the country.
Key details:
- Joint venture will be the venue operator for venue projects within Saudi Arabia, including live entertainment and indoor sports venues
- Legends will deliver management services exclusively for EIF-developed venues
- First venue to be delivered under the agreement is an Olympic-standard shooting range in Riyadh, followed by business convention and exhibition centre and an arena
Context:
Saudi Arabia has made it a priority to host more international sports events as part of its Vision 2030 strategy to diversify the country’s economy. That has seen it stage major events in boxing, motorsport and esports, while it will also welcome WWE’s flagship Wrestlemania event in 2027.
Last yearthe Gulf nation was confirmed as the host of the 2034 Fifa World Cup, which will require significant investment in venues, with 11 new stadiums being built and four more being refurbished. The country has also been linked with bidding for a future edition of the Olympic Games.
The partnership with Legends, which manages venues like Ovo Arena Wembley in London, Houston’s NRG Stadium, and Accor Stadium in Sydney, will now provide the country with further expertise in venue operations as it seeks to add to its event hosting portfolio going forward.
The deal also comes after sports and entertainment company Legends rebranded as Legends Global after completing its acquisition of venue management firm ASM Global.
Comment:
“This joint venture with Legends Global is a defining moment for Saudi Arabia’s events sector,” said Wahdan Suliman Alkadi, chief executive of EIF. “By combining EIF’s vision with Legends’ world-class operational expertise, we are building the foundation for a sustainable, globally competitive industry.
“This partnership will not only set new standards for venue quality and guest experience but will also unlock new opportunities for local talent and drive economic growth through innovation and international best practices.”
“We are proud to collaborate on this once-in-a-generation opportunity to help shape the future of Saudi Arabia’s events industry,” added Dan Levy, chief executive at Legends Global. “Drawing on decades of experience, we will deliver a bold vision that benefits citizens and residents while attracting millions of visitors.”
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