RIYADH: In a bid to enhance economic diversification efforts in Saudi Arabia, a contract worth SR1.1 billion ($290 million) has been awarded to construct a new entertainment destination in Yanbu. Saudi Entertainment Ventures, also known as SEVEN, a wholly-owned subsidiary of the Public Investment Fund, has awarded the contract to a joint venture between Al Bawani Co. and UCC Saudi, as announced in a press statement. The statement highlighted that the entertainment destination will be situated along the seafront promenade on Al Nawras Island, and it has been designed to significantly enhance the city’s local entertainment sector. Abdullah Al-Dawood, chairman of SEVEN, said: “Our entertainment destination in Yanbu will provide residents and visitors with a wealth of new and exciting experiences while supporting the city’s rapidly developing entertainment sector.” He added: “SEVEN’s entertainment destination is inspired by Yanbu’s beautiful natural seascape, embodying the city’s rich history as one of the oldest ports in the Kingdom. SEVEN Yanbu will offer something for everyone.” The entertainment destination under construction in Yanbu has been designed by the global architecture and design firm Gensler. “We are excited to partner with SEVEN to deliver this project. The design has taken into consideration Yanbu’s coastal location and its history as one of the oldest ports in Saudi,” said Fakher Al-Shawaf, chairman and group CEO of Al Bawani Co. The entertainment destination is developed on a land size of over 36,000 sq. meters with a built-up area of more than 62,000 sq. meters. Al-Shawaf added: “SEVEN’s investment will support Yanbu’s growing population to meet its entertainment needs. Al Bawani is well-positioned to deliver this unique destination to meet the ever-growing aspirations of Saudis.” “We will leverage our extensive experience in building entertainment destinations to deliver the project on time, to the highest international standards,” said Ramez Al-Khayyat, president of USS Holding. In the press statement, SEVEN stated that the company is investing more than SR50 billion to build 21 entertainment destinations across Saudi Arabia. The company recently announced that it had already begun construction works on its entertainment destinations in the Al Hamra district of Riyadh and Tabuk.