Riyadh – Mubasher: The Development and Investment Entertainment Company (DIEC) has been rebranded to “Saudi Entertainment Ventures (SEVEN)”.

The DIEC, a wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), has also hired Bill Ernest as a new CEO.

SEVEN will be PIF's entertainment investment arm that will build and operate mega recreational projects across the Kingdom in partnership with local and overseas investors, according to a statement.

Ernest was appointed due to his major experience in the entertainment sector, the firm said. 

Started its business in the first quarter of 2018, SEVEN was the first company that obtained a licence to operate cinema in collaboration with Cinemas AMC.

On a related note, Saudi Arabia is planning to invest largely in the entertainment sector as part of its efforts to diversify economy resources away from oil revenues.