SAUDI PIF REBRANDS EN­TER­TAIN­MENT SUB­SIDIARY

FOR­MER DIS­NEY EXEC BILL ERNEST AP­POINTED AS THE CEO

Digital Studio - - NEWS UPDATE -

The Devel­op­ment and In­vest­ment En­ter­tain­ment Com­pany (DIEC), a sub­sidiary of Saudi Ara­bia’s Pub­lic In­vest­ment

Fund (PIF), has been re­branded to Saudi En­ter­tain­ment Ven­tures (SEVEN).

The sub­sidiary was es­tab­lished by the Saudi govern­ment’s Pub­lic In­vest­ment Fund in 2017 to de­velop the en­ter­tain­ment and life­style sec­tors in the king­dom. PIF has also signed deals with cin­ema op­er­a­tors such as AMC En­ter­tain­ment Hold­ings, in which Wanda is also an in­vestor, and is ex­pected to wel­come around 350 movie the­atres with over 2,500 screens ex­pected by 2030.

For­mer Dis­ney ex­ec­u­tive Bill Ernest has been ap­pointed as the CEO of the Saudi En­ter­tain­ment Ven­tures Com­pany (SEVEN). Bill Ernest is a vet­eran of 25 years at Dis­ney, and most re­cently led the parks and re­sorts busi­ness in Asia as pres­i­dent and man­ag­ing di­rec­tor. Ernest will lead and man­age all facets of SEVEN and at­tempt to max­imise its in­vest­ments in the en­ter­tain­ment in­fras­truc­ture in Saudi Ara­bia.

Com­ment­ing on the ap­point­ment, Ab­dul­lah Al-Da­wood, Chair­man of the board of di­rec­tors of SEVEN, said: “Bill’s unique ex­per­tise and ex­ten­sive skills in the en­ter­tain­ment and hospi­tal­ity sec­tor, and over two decades in a lead­er­ship role at Dis­ney, will en­able him to ful­fill the com­pany’s fu­ture as­pi­ra­tions through its four main sec­tors—en­ter­tain­ment com­plexes, theme parks, movie the­aters, and fam­ily cen­tres and spe­cialty at­trac­tions.”

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