Urgent.News

What's breaking now, across thousands of outlets.

Editions

Business

Saudi intensifies $13.3 billion buildout of indoor entertainment centers

The kingdom is starting with its underserved second-tier cities, which are often in areas that attract year-round tourism because of their cooler climate.

Saudi intensifies $13.3 billion buildout of indoor entertainment centers

Saudi Arabia is ramping up a $13.3 billion initiative to construct indoor entertainment centers, particularly in its second-tier cities, as part of its broader economic diversification efforts. The kingdom's sovereign wealth fund-backed developer, SEVEN, is spearheading these projects, which combine cinemas, bowling, karting, and rides.

The latest venture is in Tabuk, a northern city with cooler climate attractions, where SEVEN has combined Hot Wheels go-karts with a Discovery-branded adventure zone. This program aims to extend the tourism calendar and encourage more Saudis to spend their leisure time at home, with SEVEN planning at least three new centers annually through 2028.

Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.

Read the original at semafor.com →

More in Business

German giant acquires Israeli company for $575 million

Munich Re will acquire Israeli cyber insurer At-Bay for $575M. Founded in 2016 with 280 employees, the company will join Munich Re subsidiary HSB.

  • Munich Re acquires Israeli cyber insurance firm At-Bay for $575 million.
  • Deal pending regulatory approvals, closing in Q1 2027.
  • At-Bay targets SMEs in US with insurance + cybersecurity solutions.

More from Thursday 20 August →