The mega-entertainment and leisure project Qiddiya, a vast, fully integrated destination to the west of Riyadh, is set to be a regional and a global hub when it is complete in 2023. The project, billed as Saudi Arabia’s “answer to Disneyland”, is a part of the country’s Vision 2030 just like NEOM, Amaala and The Red Sea Project.
Qiddiya Entertainment City is expected to attract 17 million visitors in the entertainment sector, 12 million in the shopping sector, and 2 million in the hospitality sector by 2030.
One of the most exciting aspects of the project is that it will have 28 different sports and entertainment venues, but what will make the most remarkable difference is the roller coaster known as Falcon’s Flight. If COVID-19 does not delay the project, it will create around 57,000 jobs and generate US$4.5bn for the GDP.
Qiddiya city will include a Formula 1 racing trajectory, a Six Flags Theme Park, a water park and sporting venues like football grounds, and a large selection of cultural, creative, and artistic activities.
The golf legend Jack Nicklaus has declared that he designed a course in the city.
In June 2021, Qiddiya Management announced the completion of the preliminary work and the land leveling, readying the site for the construction.
In a tweet, the company said that it had completed settlement works for about 10 million cubic meters and transferred 575 perennial trees.
Vision 2030 policy
In its Vision 2030 policy, the government aims to improve family expenditure from 2.9 percent in 2020 to 6 percent in 2030. As a result, Research and Markets expect this sector to develop at a compound annual growth rate of 47.65 percent over the next decade using information from a recent study.
Researchers have determined that Saudi Arabia’s amusement and entertainment business would be worth US$1,170.72m by 2030. In addition, the General Authority for Audio-Visual Media predicts that there will be 350 theatres in the country by 2030 and an additional 2,500 movie screens. This business will be worth US$1bn.
Cinemas in the kingdom
Following Saudi Arabia’s announcement in December 2017 to abolish the ban on cinemas and to open the first in Riyadh in April 2018, local and foreign enterprises have the opportunity to play a significant role in developing the local entertainment industry.
In the first stage, Majid Al Futtaim’s entertainment firm Vox Cinemas received a second cinema license. The corporation has announced plans to invest around US$500m over the next five years in 600 movie screens.
AMC Entertainment Holdings started construction on their sixth cinema in Saudi Arabia in December 2020, with ambition to increase their presence to 50 venues by 2024.
In addition, another joint venture called Saudi Cinema Co. was founded between Saudi Entertainment Ventures and the Public Investment Fund (PIF) to take on the development and investment functions of the government in the entertainment sector.
The Development, Investment, and Entertainment Company (DIEC), launched by the Public Investment Fund of Saudi Arabia, plans to open more than 30 cinemas in about 15 cities over the next five years.
In addition, GEA, DIEC’s parent company, will build theaters and various entertainment venues with Six Flags, National Geographic, Cirque Du Soleil, and IMG Artists.
Cinema chain MUVI Cinemas Group announced a US$219m expansion plan in April 2021 in this context. By the end of the year, the firm expects to have more than 200 screens throughout the country and open 23 new locations in eight central Saudi districts.