Saudi Arabia on the Path to Global Entertainment Leadership with Vision 2030.
Saudi Arabia's journey in the entertainment sector has been nothing short of remarkable, driven by Vision 2030 and the establishment of the General Entertainment Authority in 2016.
Here's a snapshot of the incredible progress and future prospects:
🔹 Massive Investments: The Kingdom aims to inject $64 billion into the entertainment industry by 2030, creating over 100,000 jobs and establishing itself as a leader in the Middle East and North Africa.
🔹 Key Milestones:
Cinemas Reopened (2018): Marking the resurgence of the cinema sector with over 600 screens across 22 cities.
Saudi Seasons & Boulevard Riyadh City (2019): Launching new entertainment offerings and live music events like MDL Beast.
🔹 SEVEN's Expansion: Saudi Entertainment Ventures (SEVEN) is set to invest $13.3 billion to develop 21 entertainment destinations with over 150 attractions across 14 cities by the decade’s end. This includes the acquisition of AMC Entertainment Holdings’ 85 cinema screens and the introduction of Play-Doh-themed centers in collaboration with Hasbro Inc.
🔹 Innovative Projects: Qiddiya City, an expansive entertainment, sports, and cultural destination, will feature attractions like Dragon Ball and Six Flags theme parks, the largest water park in the Middle East, and numerous other world-class facilities.
🔹 Economic Impact:
Cinema Sector: Generating around $240 million in 2023, with the Saudi box office market now the 15th largest globally.
Saudi Film Fund: Launched with $100 million to elevate local productions to international standards.
🔹 Global Opportunities: The nascent stage of the entertainment sector offers vast opportunities for foreign companies across the value chain, from design and development to operations. Notable players like Majid Al Futtaim’s VOX cinemas and Magic Planet have already made their mark.
🔹 Vision 2030 Goals: These strategic initiatives not only enhance the quality of life for citizens but also position Saudi Arabia as a premier global entertainment hub, attracting millions of visitors annually.
Join us on this exciting journey to redefine entertainment in Saudi Arabia and beyond! Let's connect and explore the opportunities this thriving sector has to offer.
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#EntertainmentInnovation #GlobalEntertainmentHub #SaudiArabia
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6moThank you so much. Excited to be on this journey together!