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$2.7 bn entertainment

Saudi to create $2.7 bn entertainment investment firm

RIYADH: Saudi Arabia's sovereign wealth fund is set to create a $2.7 billion entertainment investment company, state media said Wednesday, as the ultra-conservative kingdom opens up avenues for leisure. The country seeks to increase domestic spending on entertainment and launch hundreds of recreation centres across the kingdom as part of its Vision 2030 plan to reduce its dependence on oil. "The Public Investment Fund is in the process of developing a new company to act as its investment arm in Saudi Arabia's growing…