Turki Al-Sheikh, bank officials to consdier recreational investments

Turki Al-Sheikh, bank officials to consdier recreational investments
The GEA will also collaborate with international firms to inject investments in the Saudi recreational sector

Riyadh – Mubasher: Saudi Arabia’s General Entertainment Authority (GEA) is to meet with domestic banks and major companies to discuss the establishment of seven recreational, multi-use facilities, the GEA’s chairman Turki Al-Sheikh said.

The GEA, the government body which oversees entertainment events in the GCC nation, will also collaborate with international firms to inject investments in the Saudi recreational sector, Al-Sheikh added on Twitter.

The Saudi mogul further indicated that the kingdom will focus on launching recreational events, including circus, amusement parks, and plays.

The GEA will focus its recreational investments in Al-Kharj, Hail, Al-Qassim, Arar, Al Jawf, Ta'if, Medina, Al Bahah, Jizan, Najran, Tabuk, Al-Ahsa, Qatif, Riyadh, Jeddah, and Dammam cities.

The recreation sector investment is part of Saudi Arabia’s Vision 2030 that aims to diversify economy away from oil revenues and invest more heavily in infrastructure.

In late September 2018, Pyramids Football Club announced that the club's owner and former chairman of the Saudi General Sports Authority, Turki Al-Sheikh, decided to officially withdraw investment in the Egyptian sports sector.

Al-Sheikh met last October with several local banks to discuss the establishment of four football stadiums for four Saudi clubs, namely Al-Hilal FC, Al-Nassr FC, Al-Ahli Saudi FC, and Al-Ittihad Club.

By the end of December 2018, the Saudi investment giant announced that he would invest in Egypt’s recreation sector after being appointed as the GEA’s chairman.

On Sunday, 6 January, Al-Sheikh said that he received “an attractive offer” from a GCC investor to purchase Egypt-based Pyramids Football Club.