MENALAC Members optimistic about KSA’s SEA Expo
Highlights
- Over 24 theme parks and 421+ entertainment centres to come up in the Kingdom. A new Events Investment Fund has been set up to fund entertainment projects.
- A construction contract worth $750 million has been awarded by Qiddiya Investment Company to develop one of the region’s massive waterparks.
- The Saudi Entertainment Ventures (SEVEN) to invest $13.3 billion to develop 21 integrated entertainment destinations in 14 cities.
Dubai, United Arab Emirates-:
The Kingdom of Saudi Arabia (KSA) plans to attract over 100 million visitors annually by 2030. Along with religious tourism, public and private sector entities in Saudi Arabia are working collaboratively to spur tourist numbers by fuelling leisure and entertainment offerings therein diversifying the Kingdom’s rich non-oil-based economy.
The General Entertainment Authority has issued licenses for 24 theme parks and 421+ entertainment centres to boost diversification efforts outlined in Saudi Vision 2030. More than 350 theatres and 2,500 screens will open in the Kingdom over the next five years therein adding over 30,000 jobs by 2030.
Further, in what comes as a massive move to fuel growth of KSA’s leisure and entertainment industry Crown Prince His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud has set up an Events Investment Fund (EIF) that will see the creation of over 35 entertainment-based venues by the turn of the decade. What’s more, the already buzzing billion-dollar gaming industry in Saudi Arabia is expected to grow 250% by 2030.
Add to that the impact of giga projects – including The Red Sea Project, NEOM Mega City, Riyadh Entertainment City – to drive inbound and outbound tourism. If anything, the Kingdom’s leisure and entertainment industry is on track to touch the $1.17-billion mark at the end of the decade, as industry experts indicate.
In line with such positive sentiments driving the industry forward the upcoming Saudi Entertainment and Amusement (SEA) Expo is set to take place from May 28-30 at Riyadh’s International Convention Centre. Like every year the Expo will bring stakeholders from the ever-so-dynamic industry together to deliberate opportunities, discuss infrastructural developments and think of ways to together overcome obstacles to make the landscape truly diversified and dynamic.
“The KSA leisure and entertainment market holds significant growth potential and like the past years, MENALAC members will be in full force at SEA Expo. High quality and exciting homegrown brands are now rubbing shoulders with international concepts offering guests considerable choice. On part of MENALAC, I can say that we have an unwavering commitment to further enhance the Kingdom’s leisure and entertainment offerings through new and exciting concepts. Importantly, we are committed to create new job opportunities for people in Saudi Arabia therein playing our part in achieving goals laid out as part of Vision 2030,” stated Mishal Al Hokair, President of MENALAC and Deputy CEO, Al Hokair Group.
*Source: AETOSWire