RIYADH: Saudi Arabia’s Entertainment sector is set to generate 450,000 jobs and contribute 4.2% to the country’s GDP by 2030 as stated by the Ministry of Investment. This growth is in line with Vision 2030’s objective of diversifying the economy by reducing dependency on oil revenue and boosting tourism and Saudi culture.
The country’s entertainment sector were issued 34 investment licenses in the third quarter of 2023, which marked 13% increase as compared to previous quarter. Since 2020, the sector gained 303 licenses, with 2189 licenses were issues in the last five years. The kingdom during this period hosted events with more than 75 million attendees.
The entertainment sector has been a driver for tourism, leading to 6.2 million inbound tourists in 2023, which is a 153.3% increase from the previous quarter. Inbound tourist spending was at SR 4 billion ($ 1.07 billion), marking a 29% increase from the previous year. Similarly, local tourism saw 35 million visitors in 2023, a 17% jump from 2022, even though the spending was reduced by 8.5% to SR 4.7 million.
The General Entertainment Authority in Saudi Arabia was established in 2016 and milestones like reopening cinemas in 2018 demonstrate the country’s commitment in developing the sector. The Ministry stated that Entertainment sector is a one of the drivers for tourism growth, bringing in economic growth through events and activities that draw in both domestic and international visitors.
With entertainment sector growing fast, it is enriching cultural experiences and placing Saudi Arabia as a global tourist destination, contributing to the country’s economic and social agendas.
