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Entertainment in Saudi Arabia will be USD 1.17 billion industry by 2030

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Entertainment in Saudi Arabia has come a long way from 2017, when the ban on cinemas was lifted.

A recent report by Research and Markets has found that Saudi Arabia’s entertainment and amusement market is forecast to grow to USD 1.17 billion by the end of 2030. This represents an annual growth rate of 47.65% for entertainment in Saudi Arabia. The market is currently worth USD 23.77 million, the report said.

The study reflects the country’s efforts to “build a unique and world-class entertainment hub,” the report also said.

Further, a boost for entertainment in Saudi Arabia is expected to benefit Saudi Arabia’s real estate sector as well. The study includes an assessment of theme and amusement parks, festivals, concerts, and entertainment companies as well.

SAUDI ENTERTAINMENT INITIATIVES

Saudi government initiatives for entertainment in Saudi Arabia include setting up the General Authority for Entertainment, and the Saudi Entertainment Ventures Company (SEVEN) under the country’s sovereign wealth fund Public Investment Fund (PIF).

The newly launched Saudi Entertainment and Amusement exhibition taking place in September this year is expected to further encourage growth and interest in entertainment in Saudi Arabia. It is also aimed at Vision 2030 goals of increasing double household spending on entertainment and amusement to 6%, from the current 2.9%.

Saudi Arabia has so far announced two entertainment hubs in the country, located at Qiddiya and Riyadh. Both projects are backed by the PIF. The Qiddiya entertainment city mega project will include sports and arts initiatives alongside entertainment experiences. The entertainment hub in Riyadh, announced by SEVEN, will feature facilities for entertainment in Saudi Arabia, such as open spaces for events, sports and live shows, and cinema halls.

In 2019, the country had announced four projects worth USD 23 billion for entertainment in Saudi Arabia. These included the King Salman Park, Green Riyadh, Riyadh Art and Sports Boulevard. 

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ENTERTAINMENT IN SAUDI ARABIA: 2020 RECAP

In 2016, the Saudi government announced its Vision 2030, outlining investments to the tune of SD 64 billion in leisure and entertainment in Saudi Arabia over ten years. The investment announcement came as a boost for real estate in the country as well. A year later, the ban on cinemas was lifted.

Entertainment in Saudi Arabia has been on a growth track since then, now featuring the year-long Saudi Seasons Program, the Qiddiya project, the Jeddah Opera House and more. With Saudi Arabia diving headfirst into efforts to diversify its economy and attract foreign capital, emphasis on its entertainment sector will continue to rally.

Photo credit: www.arabnews.com/node/1688001/saudi-arabia, www.egis-group.com/perspectives/city-life/green-riyadh-green-horizon-2030

 

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