RIYADH: Saudi Arabia’s entertainment sector is projected to generate 450,000 jobs and contribute 4.2 percent to the country’s GDP by 2030, according to a recent report.
The Kingdom’s Ministry of Investment revealed that 34 investment licenses were issued in the entertainment industry during the third quarter, marking a 13 percent increase from the previous quarter. The total number of licenses issued in the sector from 2020 to the end of Q3 reached 303.
“In line with Saudi Vision 2030, Saudi Arabia aims to diversify its economy and improve the quality of life by promoting tourism and Saudi culture globally to attract visitors. The entertainment sector plays a pivotal role in achieving these ambitious objectives, focusing on enhancing the quality of life through various cultural and entertainment activities,” stated the Ministry of Investment.
The rapid growth of the entertainment sector aligns with Vision 2030’s goals to reduce the country’s reliance on crude oil revenues. In 2016, Saudi Arabia established the General Entertainment Authority to bolster the entertainment and leisure industry, leading to significant developments such as the reopening of cinemas in 2018.
The report indicates that Saudi Arabia issued 2,189 licenses in the entertainment sector over the past five years. The Kingdom also hosted 26,000 events, attracting over 75 million attendees.
The ministry noted that the expanding entertainment sector is also driving the growth of the tourism sector. The number of inbound tourists in the entertainment industry reached 6.2 million in 2023, a 153.3 percent increase from 2022. Inbound tourist spending in the entertainment sector surged to 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,” the Ministry of Investment stated.
In 2023, the entertainment sector attracted 35 million local tourists, a 17 percent increase from 2022. Local tourists’ spending in 2023 was SR4.7 million, representing an 8.5 percent decline from the previous year.
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