https://arab.news/wgc4m
RIYADH: Saudi Arabia’s Events Investment Fund has acquired a significant stake in Tahaluf, the organizer of major expos like LEAP and Black Hat Middle East, to expand the scope of developing world-class events in the Kingdom.
The first such major joint venture in the events sector is aimed at positioning the Kingdom as a global hub for hosting international exhibitions, programs and other gatherings.
A strategic joint venture, Tahaluf is co-owned by London-based Informa PLC and the Saudi Federation for Cyber Security, Programming and Drones.
The Public Investment Fund-backed event production company Sela, which is known for creating iconic destinations, is also expected to join the joint venture in the near future.
“Tahaluf will scale up at a rate rarely seen in the events industry as it continues to employ some of the region’s best events talent to deliver record-breaking, award-winning events like Black Hat MEA and LEAP,” said Tahaluf CEO Mike Champion.
He added: “With EIF, SAFCSP and Informa as shareholders, the company is strategically positioned to deliver outstanding quality events, that help to transform and develop the Kingdom’s MICE sector.”
The partnership will see Tahaluf leveraging the expertise of all its investors to launch new B2B and B2C events, which will be focused on important sectors such as technology, real estate, pharmaceuticals, food, health and beauty, tourism and hospitality.
The company plans to launch further diverse original concept events, including the Saudi Maritime Congress, Global Health Exhibition, and Inflavour, for the food industry.
For EIF, which falls under the umbrella of the National Development Fund, the investment is part of its strategy to create a resilient infrastructure for the Kingdom's cultural, tourist, entertainment, and sporting industries.
“We at EIF are delighted to be part of this joint venture with such an internationally renowned industry leader and look forward to working closely with Tahaluf as we develop the nascent MICE ecosystem in the Kingdom together and move forward in our mission to develop a world-class entertainment and events infrastructure,” Ahmed Al-Jasser, EIF Acting CEO, said.
This partnership aligns with the Kingdom’s Vision 2030 goals to achieve economic diversification, expanding the country’s events and entertainment sector while creating employment opportunities for Saudi citizens.
“We’re passionate about delivering stand-out events and this is an exciting opportunity to expand our presence in this growing sector,” said Sela Managing Director and CEO Rakan Al-Harthy.
In a move to serve the longer-term strategy, the partners of the joint venture also plan to establish an events training academy to bring globally recognized certification and training for young Saudi nationals.