Events Investment Fund

Events Investment Fund
Managing a robust global RFP process for the appointment of an operator to run significant new venue assets in Riyadh
Events Investment Fund
August 14, 2023


The Events Investment Fund (EIF) was created to oversee the building of over 30 new venue assets (across 15 asset classes) and the re-purposing of a further 50 venues in Riyadh, Jeddah and Damman.

IVM were appointed by the EIF to run and manage an RFP process to find an operator for the first of these venues in Riyadh – a conference & exhibition centre.


RFP processes in the Kingdom have been poorly run. Badly put together and without there being a clear and transparent process. As a result there has been ‘RFP fatigue’ stopping them from doing more.

IVM were brought in to manage a formal process for the planned Riyadh Exhibition & Conference Centre (RECC) to find a global operator to run it.


The primary objectives were:

  • Build and manage a professional RFP process 
  • Effectively re-engage with global operators to encourage participation
  • Run and manage the process with the aim to give the EIF 2 global operators from which to make the final choice
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Solutions Implemented

Strategic Approach:
International Venue Management (IVM) built a 5-stage process that included a consultancy phase (Prior Information Notice -PIN), and a clear methodology / communications link to make the whole RFP fully open, fair and transparent.

Action Steps

  • Encourage the global operators to undertake the RFP
  • Getting the global operators to be involved in the content in the final RFP
  • Giving plenty of time for the operators to respond
  • Providing an end-of-process face-to-face presentation to allow the operators to summarise their technical and commercial bids

Results Achieved

Quantitative Outcomes:
Over 10 global operators were approached with 6 competing. In the end 2 operators combined forces to leave 5 entities bidding.  

Qualitative Outcomes:
The robust management of the process was very well-received by the operators. The fair and open process, along with clear communication, paved the way for the same operators to look for more future RFPs.

“IVM delivered a plan that fully professionalised the RFP process. We were looking for the best operators to compete for this project and IVM brought them all to the table. It was a first-class process that will be replicated in the future.”
Jason Addison
Investment Director, EIF

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