Home UAE Saudi Arabia’s entertainment and tourism sector is an unfathomable opportunity –

Saudi Arabia’s entertainment and tourism sector is an unfathomable opportunity –

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The Saudi entertainment and entertainment sector will be worth $ 1.17 billion by 2030 and will grow 47.65 percent annually, according to a new industry report.

Research and Markets’ study in the United States says there will be only $ 23.77 million in growth in 2020.

“The entertainment industry in Saudi Arabia is growing rapidly. Saudi Arabia is working hard to create a unique world-class entertainment center that includes innovative attractions, cultural or historical attractions and mega-sporting events, ”the report said.

The government has played a leading role in this change, establishing the General Directorate of the Entertainment Industry (GAE) in 2016.

One of the biggest entertainment investments in the Kingdom is the Qiddiya project. Work on the facility, which was announced in 2017 – located just 40 minutes from the capital – began in April next year.

The city, covering over 366 square kilometers of land, will host a Formula 1 racetrack, Six Flags theme park, a water park, sports facilities including football stadiums and development infrastructure for young Saudi athletes, and a wide range of cultural, artistic and artistic activities.

In January, work began on the design of Falcon’s Flight, a record-breaking roller coaster that will be the flagship attraction at the theme park, scheduled to open at 2023 r. and will include 28 rides and attractions in six thematic countries.

In February, golf legend Jack Nicklaus also announced that he was designing a course in Kiddia, marking his first golf design project in the Kingdom.

“Qiddiya, a gigantic project whose vision stems from the overarching Saudi Vision 2030, is destined to be the capital of entertainment, sports and the arts,” Qiddiya CEO Philip Gus told Arab News.

“It will be a disruptive destination, recognized on the global stage as the home of the most innovative and immersive experiences, integrated on a scale never seen before. It will be a celebration of life – a place where families, friends and couples spend time together and leave unforgettable memories.

While events, cinemas and other attractions were closed as part of the coronavirus restrictions during the pandemic, many entertainment businesses returned on May 18 with some restrictions and social distancing policies.

Last month, GAE Chairman Turki bin Abdulmohsen Al-Sheikh announced the results of the Entertainment Ideas initiative. From more than 12,000 proposals submitted to the project, 20 best ideas were selected.

The best performance was “The Grove”, which is described as “a rich experience with many activities such as theater and music performances, hiking trips and more.”

Entertainment is a key element of the cultural goals set in Vision 2030, which aims to increase household spending in this sector from 2.9 percent to 6 percent by the end of the decade.

One of the big breakthroughs came in April 2018, when a 35-year ban on movie theaters was lifted in Saudi Arabia. As a result, some of the world’s largest movie theater operators have moved to the Kingdom.

In December 2020, AMC Entertainment Holdings, the world’s largest film distribution company, opened its sixth cinema in Saudi Arabia as part of its plans to expand to 50 seats by 2024.

AMC also established Saudi Cinema Co., a joint venture with Saudi Entertainment Ventures, an institution created by the Government Investment Fund, to become a public investment and entertainment sector development division.

The UAE-based VOX Cinemas also plans to build 600 halls across the Kingdom by 2023 with an investment of Saudi Pesos 2 billion ($ 533 million). The Saudi entertainment and entertainment sector will be worth $ 1.17 billion by 2030 and will grow 47.65 percent annually, according to a new industry report.

Research and Markets’ study in the United States says there will be only $ 23.77 million in growth in 2020.

“Entertainment in Saudi Arabia is skyrocketing. Saudi Arabia is working hard to create a unique world-class entertainment center with innovative attractions, cultural or historical attractions and mega-sporting events, ”the report says.

The government has played a leading role in this change, establishing the General Directorate of the Entertainment Industry (GAE) in 2016.

One of the Kingdom’s most important entertainment investments is the Qiddiya project. Work announced in 2017 at a location located just 40 minutes from the capital began in April next year.

A city that can completely cover 366 square kilometers of land – it will house a Formula 1 racetrack, Six Flags amusement park, a water park, sports facilities, including football stadiums and development infrastructure for young Saudi athletes, as well as a wide range of cultural, creative and creative activities.

In January, work began on the design of Falcon’s Flight, a record-breaking roller coaster that will be the flagship attraction at the theme park, scheduled to open in 2023. It can feature 28 rides and attractions in six thematic countries.

In February, golf legend Nicklaus also announced that he was designing a course in Kiddia, which was his first golf design project in the Kingdom.

“Qiddiya, a giant project whose vision stems from the overarching Saudi Vision 2030, is destined to be the capital of entertainment, sports and therefore the arts,” Qiddiya CEO Philip Gus told Arab News.

“It will be a disruptive destination, recognized globally because it is the home of cutting edge, innovative and immersive experiences, integrated on a scale never seen before. It will be a celebration of life – a place where families, friends and couples spend time together and leave unforgettable memories.

While events, cinemas and other attractions were closed as part of the coronavirus restrictions during the pandemic, many entertainment businesses returned on May 18 with some restrictions and social distancing policies.

Last month, GAE Chairman Turki bin Abdulmohsen Al-Sheikh announced the results of the Entertainment Ideas initiative. Out of 12,000 proposals submitted to the project, the 20 best ones were selected.

The best performance was “The Grove”, which is described as “a rich experience that includes many activities such as theater and music performances, hikes and more.”

Entertainment is a key element of the cultural goals set in Vision 2030, which aims to increase household spending in this sector from 2.9 percent to 6 percent by the end of the decade.

One of the big breakthroughs came in April 2018 when Saudi Arabia 35 year-year ban on screening of cinemas has been lifted. As a result, some of the world’s largest movie theater operators have moved to the Kingdom.

In December 2020, the world’s largest film distribution company AMC Entertainment Holdings opened its sixth film in Saudi Arabia as part of its plans to expand to 50 locations by 2024.

AMC also established Saudi Cinema Co., a joint venture with Saudi Entertainment Ventures, an institution created by the Government Investment Fund, to become a public investment and entertainment sector development division.

The UAE-based VOX Cinemas also plans to build 600 halls across the Kingdom by 2023 with an investment of Saudi Pesos 2 billion ($ 533 million).

Home theater brands are also thriving, with MUVI Cinemas announcing a 2021 expansion plan worth shillings 820 million in April. The company plans to grow to 307 screens nationwide over the next 12 months, launching 23 new sites in eight key regions of Saudi Arabia.

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