RIYADH: Saudi Arabia's Crown Prince Mohammed bin Salman has announced the establishment of the Events Investment Fund (EIF), which aims to develop a sustainable infrastructure for the Kingdom's culture, tourism, entertainment and sports sectors, according to the Saudi Press Agency. 

The EIF aims to create strategic alliances to promote local industry and attract foreign investment. It will conceptualize, finance and manage the development of more than 35 locations by 2030, according to the state news agency.

The fund's focus will be on the development and expansion of foreign direct investment opportunities, to contribute SR28 billion ($7.45 billion) to the Kingdom's GDP by 2045.

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The purpose of establishing the EIF is to establish the Kingdom as a global hub for cultural, tourism, entertainment and sporting activities.

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It aims to create a world-class sustainable infrastructure throughout the Kingdom, including indoor arenas, art galleries, theatres, conference centres, horse-racing tracks, auto racing tracks and other facilities. According to SPA, the fund intends to deliver its first asset by 2023.

The Fund is dedicated to the highest environmental, social and governance standards. It aims to increase the annual GDP contribution of the tourism sector to more than 10% by 2030.

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The fund will help the Kingdom achieve its goal of becoming a global tourism destination, attracting more than 100 million visitors by 2030 and making it one of the world's top destinations.