{"id":4784,"date":"2021-06-07T07:42:35","date_gmt":"2021-06-07T07:42:35","guid":{"rendered":"https:\/\/saudiexpatriate.com\/?p=4784"},"modified":"2021-06-07T18:18:20","modified_gmt":"2021-06-07T18:18:20","slug":"saudi-entertainment-tourism-sectors-are-unfathomable-opportunities","status":"publish","type":"post","link":"https:\/\/saudiexpatriate.com\/saudi-entertainment-tourism-sectors-are-unfathomable-opportunities\/","title":{"rendered":"Saudi Entertainment & Tourism Sectors are Unfathomable opportunities"},"content":{"rendered":"

The Saudi entertainment and amusement sector is forecasted to be worth $1.17 billion by 2030 and grow by a massive 47.65 percent per year, according to a new industry report.<\/p>\n

The US-based Research and Markets study said that the growth compares with just $23.77 million in 2020.<\/p>\n

\u201cThe Saudi entertainment industry of is growing massively. Saudi Arabia has been putting its best effort to build a unique and world-class entertainment hub that includes innovative rides, cultural or historical attractions, and mega sporting events,\u201d the report said.<\/p>\n

The government has played a leading role in the change, establishing the General Authority for Entertainment (GAE) in 2016.<\/p>\n

One of the biggest entertainment investments in the Kingdom is the Qiddiya project. Announced in 2017, work at the site \u2014 located just a 40-minute drive from the capital \u2014 began in April the following year.<\/p>\n

The city \u2014 which will cover more than 366 square kilometers of land \u2014 will host a Formula One racing track, a Six Flags theme park, a water park, sports facilities including football stadiums and development infrastructure for young Saudi athletes, and an extensive range of cultural, creative and artistic activities.<\/p>\n

Work started in January on the design for Falcon\u2019s Flight, the record-breaking roller coaster set to be the flagship attraction at the theme park, which is scheduled to open in 2023<\/a> and will feature 28 rides and attractions across six themed lands.<\/p>\n

In February, golf legend Jack Nicklaus also announced that he was designing a course at Qiddiya, marking his first golf design project in the Kingdom.<\/p>\n

\u201cQiddiya, a giga-project whose vision stems from the overarching Saudi Vision 2030, is destined to become the capital of Entertainment, Sports and the Arts,\u201d Phillipe Gas, CEO of Qiddiya, told Arab News.<\/p>\n

\u201cIt will be a disruptive destination recognized on the world stage as the home of the most innovative and immersive experiences, integrated on a scale never been seen before. It will be a celebration of life \u2013 a place where families, friends and couples spend quality time together and create unforgettable memories.<\/p>\n

While events, cinemas and other attractions were closed as part of anti-coronavirus restrictions during the pandemic, May 18 saw the return of many entertainment businesses, with some limitations and social distancing policies in place.<\/p>\n

Last month, GAE chairman Turki bin Abdulmohsen Al-Sheikh announced the results of the \u201cIdeas for Entertainment\u201d initiative. From the more than 12,000 proposals submitted to the project, the top 20 ideas were selected.<\/p>\n

The top submission was \u201cThe Grove,\u201d which is described as \u201ca rich experience encompassing an array of activities such as theatrical and musical performances, hiking expeditions and more.\u201d<\/p>\n

Entertainment is a key element of the cultural goals set out as part of Vision 2030, which aims to increase household expenditure in the sector from 2.9 percent to 6 percent by the end of the decade.<\/p>\n

\n
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One of the massive breakthroughs came in April 2018, when Saudi Arabia\u2019s 35-year ban on cinemas was lifted. As a result, a number of the world\u2019s biggest cinema operators have moved into the dominion.<\/div>\n
<\/div>\n
In December 2020, AMC Entertainment Holdings, the world\u2019s largest movie exhibition company, opened a sixth movies in Kingdom of Saudi Arabia as a component of its plans to expand to 50 locations by 2024.<\/div>\n
<\/div>\n
AMC also established the Saudi Cinema Co., a venture with Saudi Entertainment Ventures, an entity founded by the general public Investment Fund to become the state investment and development arm for the entertainment sector.<\/div>\n
<\/div>\n
UAE-based chain VOX Cinemas also plans to create 600 screens across the dominion by 2023 as a part of a SR2 billion ($533 million) investment. The corporate plans to grow to 307 screens<\/div>\n
nationwide over subsequent 12 months, launching 23 new sites in eight key Saudi regions.<\/div>\n
In April the MUVI cinemas announced a\u00a0 plan for expansion investing SR.820 Million for the year 2021.<\/div>\n<\/div>\n<\/div>\n

https:\/\/saudiexpatriate.com\/entertainment-concept-changing-saudi-arabia\/<\/p>\n","protected":false},"excerpt":{"rendered":"

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