The Entertainment Industry In The Saudi Vision 2030

Entertainment Industry

June 1, 2022

Saudi Arabia's entertainment industry is one of the main industries supporting a dynamic creative economy. After a rapid recovery during the COVID-19 pandemic, the industry is expected to be the largest in the MENA region by 2025.

As part of the social and economic reform efforts undertaken by His Royal Highness Prince Mohammed bin Salman - The Crown Prince of the Kingdom - announced a plan to invest $64 billion in the entertainment sector. The investment is a part of the Kingdom's path toward The Saudi Vision 2030, which aims to create a vibrant society, a thriving economy, and an ambitious nation.

Entertainment In The Saudi Vision 2030

As part of the kingdom’s efforts to build a lively community, The Saudi Vision 2030 aims at developing entertainment as one of the key industries that play a crucial role in economic and social developments, as well as improving internal tourism.

Since the announcement of the development plan for the entertainment sector in the Kingdom, the General Entertainment Authority launched an initiative in early 2018 under the title: “Don’t think about travelling outside!” to encourage Saudis to seek entertainment opportunities within the Kingdom rather than traveling abroad.

Therefore, here are the main aspects of the entertainment industry in The Saudi Vision 2030:

The Entertainment Industry In The Saudi Vision 2030

In a step that is the first of its kind, in the first quarter of 2018, the government lifted the ban on cinemas. According to official local reports, the Kingdom aims to reach 350 cinemas by 2030, show more than 2,500 films, and raise the value of the cinema industry in the Kingdom to billion dollar.

The entertainment industry plan for the Kingdom’s vision 2030 aims to bring international acts such as Cirque Du Soleil and popular children’ s shows like Teenage Mutant Ninjas Turtles to the Kingdom, in order to improve the lives of the Kingdom’ s citizens and to become an entertainment center to the rest of the world.

Investing In Entertainment Sector

Over the past five years, Saudi Arabia has organized several meetings with top executives from some of the world’s most successful companies, including Apple, Microsoft, Google and Amazon, in addition Hollywood executives to discuss the future investment opportunities in entertainment and technology in Saudi Arabia.

In addition, the Saudi Public Investment Fund and Six Flags Amusement Park agreed to build a new entertainment city in Qiddiya to be the capital of entertainment, sports, and art.

Advanced Entertainment Projects

In order to enhance efforts to diversify the economy away from the energy sector, the Saudi government has launched entertainment 4 projects in Riyadh worth more than $23 billion. The four projects “King Salman Park, Sports Boulevard, Green Riyadh, and Riyadh Art” will complement the “Quality of Life” program in the Saudi Vision 2030, which aims to provide more than 350,000 job opportunities.

The Saudi government is keen to make NEOM, which was inaugurated by the Crown Prince in 2017, one of the most important and leading entertainment destinations in the world, and NEOM is an important cornerstone of Vision 2030, and the city’s ambitions include being the future center for entertainment, technology and media production, and virtual reality will be a great opportunity to invest in Neom project.

A New Concept Of Entertainment

In a related move, the Government has already invested about $400 million in VR, where Neom is not only about virtual reality systems, but also about building a completely new concept of entertainment within the greater requirements of advanced technologies including artificial intelligence and robotics.

Luxuryksa.. Walking Behind Our Leaders Towards The Future

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Luxury KSA is an all-inclusive project & entertainment management company in the heart of the Kingdom’s capital; Riyadh to transform every event into an experience!

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