By Innovation-sa on April 23, 2018 in News
Saudi Arabia is on the run to achieve its dream economic transformation plan, Vision 2030, and is undertaking several reforms to diversify its economy and one major focus is on the tourism and entertainment sector.
A panel of experts who are set to meet at the Euromoney Saudi Arabia Conference on 2-3 May 2018 noted that entertainment and culture will be the most sought-after investment sector in the Kingdom within a few years.
The Conference, held in association with the Ministry of Finance, will study how the growth of this new sector has contributed to the Kingdom’s economy, employment opportunities and investment prospects for foreign investors.
The Kingdom has already set aside $64 billion for the growth of arts, tourism, and entertainment over the next 10 years and expects a boom in the entertainment and cultural sector.
Established in 2016 to revolutionize the Kingdom, the General Entertainment Authority has already had a transformative impact on the Saudi Arabian economy and culture by hosting more than 2,000 successful events like jazz festivals, operas, Saudi Fashion Week and even monster truck rallies in just one year.
As the 35-year old ban on cinemas came to an end as part of the Kingdom’s liberalization drive, international entertainment companies have begun to establish their presence in the Kingdom to operate cinemas. In addition, globally renowned amusement park companies like Six Flags have announced their grand entry to the Kingdom in a few years adding to the growth of entertainment sector in the Kingdom.
Victoria Behn, Euromoney Conference’s Director of the Middle East and Africa, stated “There is international interest in the growth of Saudi Arabia’s cultural sector both from a social perspective and also as a significant investment opportunity. It has provided one of the most visible signs of change taking place in the Kingdom and is also a fascinating case study in the financial contribution that arts and entertainment can make to an economy”.
The addition of entertainment investment to the Conference’s agenda this year in addition to sessions on debt and equity capital markets, small and medium businesses, real estate, and the state of the wider global economy in 2018, reflects both the growing diversity of the Saudi economy as well as Euromoney Saudi Arabia’s comprehensive coverage of all aspects of the regional financial sector.