RIYADH, SAUDI ARABIA — Saudi Arabia is advancing its support for the entertainment industry to achieve societal well-being and economic growth as part of the kingdom’s Vision 2030.
The kingdom pays close attention to this sector, working to support and improve it, as well as encouraging the private sector to contribute to it, as it is expected that the entertainment sector, along with its related entities, will contribute 4.2 percent of the GDP by 2030, creating 450,000 job opportunities.
The entertainment sector is one of the most critical social, cultural, and economic transformations that Saudi society is going through, with its rapid growth and abundance of seasons and events, topped by the Riyadh season, which came as a mixture of art, music, heritage, culture, tourism, diversity, coexistence, and fun, to go beyond the borders of the country, attracting visitors from other countries which opens up new possibilities during this season, which is entirely managed by Saudi cadres.
According to the Electronic Entertainment Authority’s website, the number of companies operating in the entertainment industry in Saudi Arabia exceeds 2,500, and the sector’s revenues have surpassed SAR 1 billion since the establishment of the Entertainment Authority five years ago.
Also Read Revenue from Saudi cinema may exceed $1bn by 2030
In addition to the entertainment activities, the kingdom seeks to establish and develop recreational areas throughout the country, the most recent of which is the opening of the ” VIA Riyadh ” area, one of the most prominent recreational areas in the Saudi capital, which was established at the cost of more than US$ 266 million.
VIA Riyadh
VIA Riyadh is distinguished by a wide range of live performances, luxurious places, and lifestyles, as well as the highest level of exceptional hospitality, accommodation, and luxury services to provide visitors with one-of-a-kind and ideal experiences.
According to the Saudi Press Agency, VIA Riyadh will officially open its doors mid-February.
The area took 20 months to build because it was built in the “Salmani” style, distinguished by integrating modern life’s needs while evoking the capital’s original architectural heritage in buildings and facilities for residents and visitors from within and outside the kingdom.
VIA Riyadh offers entertainment enthusiasts a one-of-a-kind stay full of luxury and distinct experiences, as well as a set of menus from Mediterranean kitchens and multiple international stores.
Turki Al-Sheikh stated that the total investment for the development of the project exceeded US$ 266 million. He explained that ” VIA Riyadh ” was created in strategic partnership with the Public Investment Fund (PIF) and was completed in 20 months, emphasizing that it represents a quantum leap in the kingdom’s entertainment sector.
According to the Entertainment Authority, the ” VIA Riyadh ” is one of “the most luxurious and prestigious areas of the Riyadh season 2022-2023, which number 15 entertainment areas, and which will be transformed into permanent areas in the capital, Riyadh.”
Riyadh City Boulevard
The “Riyadh City Boulevard” area was opened in November 2021 to be an exceptional attraction for the “Riyadh Season,” with an area tripled to 900,000 square meters and a parking lot that can accommodate more than 10,000 cars.
Riyadh City Boulevard has nine internal areas. Boulevard Riyadh City Square, inspired by Time Square in New York, features more than 102 stores divided between international and local restaurants, cafes, and stores.
Boulevard Riyadh City is appealing for various reasons, the most important of which are the high-quality cinema screens that show the latest films via 25 showrooms with a capacity of 1,500 people, as well as an outdoor theater for musical performances that hosts various musical groups.
The Boulevard is regarded as the largest entertainment event in the capital, Riyadh, and the most significant event in the Riyadh season, with 15 entertainment sites attracting millions of visitors. It is recognized as one of the kingdom’s Entertainment Authority’s successful entertainment projects that attract people of all ages, from Saudi citizens and tourists.
Saudi Arabia is attempting to increase internal and external tourism through visa facilitation and an increase in entertainment events, having doubled the duration of the “Riyadh season” to six months rather than three to double the number of visitors for the entertainment season.
Events Investment Funds
The kingdom of Saudi Arabia established the ” Events Investment Funds” (EIF), which focus on developing long-term infrastructure to support the cultural, tourism, entertainment, and sports sectors.
Within the framework of the kingdom’s Vision 2030, the fund will establish strategic partnerships to maximize impact in the targeted sectors and increase opportunities for foreign investment.
The Events Investment Funds revolves around developing and increasing direct investment opportunities for international companies and banks and contributing to the GDP equivalent of 28 billion riyals by 2045, with a focus on improving prospects for partnership and business between the public and private sectors, as well as securing an environment that supports the industry of strategic alliances and increasing the volume of investment.
The fund also aims to increase the tourism sector’s economic contribution from 3% to 10% of GDP by 2030 and to attract 100 million visitors by 2030 by developing sustainable infrastructure for the entertainment sectors.
The fund’s sustainable projects include art galleries, theaters, conference centers, horse racing tracks, shooting ranges, car racing, and other assets throughout the kingdom. The first project is scheduled to be completed this year.
Furthermore, to maximize the kingdom’s entertainment sector, the Saudi Entertainment Ventures Company, “Seven,” which is wholly owned by the Public Investment Fund (PIF), announced an investment of more than 50 billion riyals to build and operate 21 integrated services entertainment destinations in 14 cities across the kingdom, in conjunction with the launch of the company for construction works in its entertainment sector. The company has selected several strategic locations for its projects, including Riyadh, Al-Kharj, Makkah Al-Mukarramah, Jeddah, Taif, Dammam, Al-Khobar, Al-Ahsa, Al-Madinah Al-Munawwarah, Yanbu, Abha, Jazan, Buraydah, and Tabuk.