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Saudi Arabia creating $2.7B entertainment investment company

Associated Press

Saudi Arabia's sovereign wealth fund is creating an entertainment investment company as the deeply conservative kingdom loosens the reins on fun.

The kingdom's Public Investment Fund announced Wednesday it will develop the new company with an initial capitalization of 10 billion riyals ($2.7 billion). Its aim will be to provide investment capital to Saudi Arabia's nascent entertainment industry , which aims to create around 22,000 jobs in the country by 2030. The kingdom is already in talks to open a Six Flags theme park.

In an effort to grow the economy and diversify revenue streams away from oil, where prices remain at half of what they were in 2014, Saudi Crown Prince Mohammed bin Salman has outlined plans to double what Saudi families spend locally on entertainment.

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