- The Saudi Arabian Public Investment Fund has allocated $ 64 billion to the Saudi Vision. It plans to invest this amount in the Leisure and Entertainment industry.
- The government policies such as the upliftment of the decades long cinema ban, cashback for domestically produced films and others are stepping stones to enhance the Entertainment Sector.
- The Kingdom is also investing in organizing events and festivals such as the Red Sea International Film Festival.
- The recreation and tourism sectors are driving Saudi Vision 2030, with upcoming projects like Al Ula, the “Green Heart of Riyadh” (King Salman Park), and Riyadh Sports Boulevard enhancing cultural tourism and livability.
The Kingdom of Saudi Arabia is a potential hub spot for all things entertainment and leisure. The Kingdom’s intense focus on developing the entertainment and tourism sector solidifies the double digit CAGR from the year 2023 to 2027. Some key factors contributing to this growth are the high ratio of the young and middle-aged population who are tech savvy. The increased share of spending on leisure and entertainment due to increased disposable incomes and an experience mindset.
1.Changing Government Policies
Recent Trends In KSA Leisure & Entertainment Market Outlook to 2027
The Saudi government under the guidance of the Crowne prince Mohammed Bin Salman lifted the decades long cinema ban in 2017. This was a turning point for the population as well as the film and related industries in Saudi Arabia.The female population is no longer prohibited from driving and are now allowed to travel alone.
The Saudi Film Commission recently announced a 40% cash rebate on qualifying expenses during film production inside Saudi Arabia if certain conditions are met.
2.Emerging Events and Festivals
The newly-established Red Sea International Film Festival, which featured 138 films from more than 60 countries, played to thousands of attendees, many of whom were international guests.
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Other festivals such as the XP Music Conference and the Soundstorm festival have helped Riyadh to establish itself as a leading music and cinema destination.
3.Thriving Recreation and Tourism Projects
The recreation and tourism sectors are the drivers of the “Saudi Vision 2030”. Thus, the Kingdom has multiple upcoming projects supporting the Vision.
Al Ula – Kingdom’s hidden natural wonder, with 23,000 archaeological sites is situated 300 km north of Madinah Al Munawara. Al Ula is going to be the Kingdom’s main cultural eco-tourism destination. It is expected to offer various recreational activities including sightseeing, hiking, camping and other desert-friendly sports and festivals.
The “Green Heart of Riyadh”, the King Salman Park aims to be world’s biggest city park which will be well connected, and is about four times the size of Central Park in New York. It has a total area of 13 million sqm. The park is expected to offer various components related to the environment, culture, art and sports.
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Riyadh Sports Boulevard is a one-stop wellbeing destination. It will offer various sports and recreational facilities across 8 multi-themed zones. With a unique outlook, the project has 1 million sqm of land allocated for private investment opportunities among both domestic and foreign investors, allowing them to introduce complementary developments, such as museums, libraries and art studios. The project aims to improve quality of life and support the objective of placing Riyadh within the world’s top 100 livable cities.