Riyadh- Saudi Arabia’s sovereign wealth fund has said it was set to create a new company to act as its investment arm in the entertainment sector in the country.

The company, which will have an initial capitalization of SAR 10 billion ($2.6 billion), will play an active investment role in various areas of the entertainment sector.

The company will also invest in a variety of projects, including an entertainment complex that will be launched by 2019, aiming to create more than 22,000 jobs by 2030.

Saudi Arabia seeks to increase domestic spending on entertainment and launch hundreds of recreation centers across the kingdom as part of its Vision 2030.