22 Nov 2024
RIYADH: Saudi Arabia’s entertainment sector is expected to create 450,000 jobs and could contribute 4.2 percent of the country’s gross domestic product by 2030, according to a new report.
In its latest release, the Kingdom’s Ministry of Investment said that Saudi Arabia issued 34 investment licenses in the entertainment industry in the third quarter of the year, representing a rise of 13 percent compared to the previous three months.
The ministry added that the total number of investment licenses issued in the entertainment sector from 2020 until the end of the third quarter reached 303.
“In line with Saudi Vision 2030, Saudi Arabia aims to diversify its economy and enhance the quality of life by promoting tourism and Saudi culture internationally to attract visitors. The entertainment sector is a crucial pillar in achieving these ambitious goals, focusing on enhancing the quality of life through various cultural and entertainment activities,” said the Ministry of Investment.
The rapid progress of the entertainment sector aligns with the Kingdom’s Vision 2030 goals, which are to reduce the country’s decades-long dependence on crude revenues.
In 2016, Saudi Arabia established the General Entertainment Authority to boost the entertainment and leisure industry. Since then, the Kingdom has witnessed notable developments, including reopening cinema halls in 2018.
According to the report, Saudi Arabia issued 2,189 licenses in the entertainment sector over the past five years.
The Kingdom also hosted 26,000 events in the past five years, attracting over 75 million attendees.
The ministry added that the growing entertainment sector is also catalyzing the growth of the tourism sector in the Kingdom.
The report said that the number of inbound tourists in the entertainment industry reached 6.2 million in 2023, representing a rise of 153.3 percent compared to 2022.
Inbound tourist spending in the entertainment industry reached SR4 billion ($1.07 billion) in 2023, a 29.03 percent rise from the previous year.
“The entertainment sector is a vital and dynamic part of the Kingdom, acting as a catalyst for the tourism sector. By hosting various events and activities, it boosts tourism and attracts visitors, resulting in higher tourism spending and strengthening the local economy,” said the Ministry of Investment.
In 2023, the entertainment sector attracted 35 million local tourists, up 17 percent compared to 2022.
Local tourists’ spending in 2023 was SR4.7 million, representing a marginal decline of 8.5 percent from the previous year.