Saudi Arabia\u2019s cinema industry has a potential valuation of around $1 billion, said Alireza Zaimi, an executive director and head of corporate finance at the Public Investment Fund (PIF), a Saudi Arabian sovereign wealth fund (SWF).\r\nThe Kingdom\u2019s entertainment sector has undergone a dramatic transformation in recent years as reforms have opened up the sector. In December 2020, the music festival MDL Beast, held in Riyadh,\u00a0broke global records, and in 2018 authorities allowed cinemas to open for the first time in 37 years.\r\n\u201cWe have a very fine local partner in the Public Investment Fund,\u201d said Adom Aron, CEO of AMC Cinemas in October on the expansion of cinemas across Saudi Arabia. \u201cWorking together, the AMC and the PIF are going to bring cinemas across the Kingdom.\u201d\r\nIt\u2019s through developing untapped sectors like entertainment that the Kingdom has been able to \u201ccreate the growth that you don\u2019t normally read about,\u201d Zaimi said.\r\nThe PIF is the centerpiece of Saudi Arabia Crown Prince Mohammed bin Salman\u2019s ambitious Vision 2030 program that seeks to change the fund into a giant investment vehicle to support the Kingdom\u2019s economic diversification away from oil.\r\n\u201cThe mandate of PIF is to create [a] second stream of revenue for the Kingdom of Saudi Arabia,\u201d Zaimi said.\r\nHe also noted that one of the key performance indicators used to track the fund is job creation in Saudi Arabia. \u201cWe have been mandated to create 20,000 jobs in the Kingdom,\u201d he added.\r\nOn renewable energy transformation, Zaimi said the PIF has \u201cone of the most ambitious plans of investment into renewables,\u201d specifically solar and wind power.\r\nThe PIF has invested in a variety of industries, such as transport and logistics firm Uber and the SoftBank\u2019s giant Vision Fund focused on startup investing.\r\n\u201cIn new technologies we are there to pick the next champions,\u201d said Zaimi. \u201cSince we have a very long term perspective on things, we feel confident that our investments today will make a big impact in the future.\u201d\r\nZaimi added that the PIF is currently experiencing significant growth and expects to grow to 1,000 employees by the end of 2020, a nearly 1 percent-a-day increase, from its current 700 employees.