The potential and the pivotal role of Entertainment for Saudi Arabia’s GDP Growth

According to the latest CBRE research, it predicts that Music, Sports as well as the Social backed events to play a pivotal role in the further expansion of the kingdom’s wider entertainment backed offerings.

As per the latest CBRE report, it stated that the Kingdom’s dynamic real estate landscape would continue to push it to achieve greater heights and in turn, will be beneficial for Saudi Arabia’s dynamic entertainment industry and as per the global real estate advisor’s new business report suggests that the kingdom’s GDP is expected to surge ahead by 6.5 percent between 2019-2024, to cross in excess of an estimated SR4 trillion by the close of the forecasted period.

CBRE also noted that the nation’s efforts for the diversification of its economy, entertainment sector will be one amongst the non-oil arena that would have a larger contribution in propelling the Kingdom towards a wider GDP growth during the next upcoming forecasted period.

With the widespread ongoing demand for further strengthening the pilot projects which are to be completed within a decade. They are as follows and are to be commissioned within 2030.

  • Qiddiya Entertainment City.
  • The Red Sea Project.
  • AMAALA, Al Ula.
  • King Salman Park
  • Riyadh Sport Boulevard

The entertainment backed developments and the right mix of optimal masterplans with better entertainment’s vital ingredients as well as the apt backing up of core infrastructural projects that is always conjoined with the government’s initiatives and innovative measures that are expected to propel the Kingdom’s entertainment industry.

CBRE also additionally pointed out that varied entertainment components like Music, Sports, Social Events, Cinema, Advertisements, Hoardings, etc have also a pivotal role to play in the expansion of the kingdom’s widespread entertainment offering on the go and it also supports in gaining an upper hand on creation of a powerful demand for a differentiated experience amongst the young Saudi population.

The latest trends in the entertainment industry across the kingdom suggest a very positive outcome for the past two years 2018 and 2019 as on an overall estimate, 5000 varied events were hoisted in the kingdom, distant double than the previous years and 2019 also capitalized completely on the upward trend, with the apt launching of Saudi Seasons, an events program initiative as started by the Saudi Commission Tourism & National Heritage (SCTH) in tandem with the General Entertainment Authority (GEA) during March 2019.   

The government also announced that it will initiate and bolster the Neom Project, the first of its kind global independent special zone stretching over three countries, which is all poised to become a new vibrant destination located in the North-western frontier of Saudi Arabia and to emerge as a leading global hub that exemplifies the future of human civilization by offering its inhabitants an idyllic lifestyle combined with exceptional economic prospects.

It would be targeting nine sectors to diversify the economy away from oil, and hydrocarbon reserves this vital core project seeks to attract top talent from around the world who would do all it takes to push the boundaries of innovation like never before, and drive the growth of this zone and its inhabitants.

Spanning a vast landscape of 334 square kilometers at a destination of 40 kilometers west of the Saudi capital, Riyadh is another one such project Qiddiya as stated above-the first of its kind, unique, innovative dream city entertainment, sports and cultural destination hub in the kingdom. The project will thus, amalgamate and bring together in tandem a number of entertainment facilities that will support the Kingdom’s Vision 2030, and also as well contribute to Saudi Arabia’s ongoing diversification initiatives and thereby boost the national economic development, creating a large number of job opportunities for the young population.

Primarily its core focus would be on six pivotal components:

  • The fun city.
  • Sports facilities.
  • Car and cycle racecourses,
  • Water adventures-based theme parks
  • Ice games,
  • Natural attractions
  • Cultural and heritage events.

“Thus, these Entertainment-led projects and developments are pivotal in shaping an integrated market of leisure, hospitality, and tourism for Saudi Arabia, and thereby branding the Kingdom as a global destination of choice.” Nicholas Maclean, the managing director, CBRE MENAT stated that: “It is quite obvious that Saudi Arabia remains one of the dynamic game changers in the entertainment sectors globally. The ongoing continuous stream of paradigm shifts-from new visa implementation, female empowerment initiatives to the introduction of robust entertainment offerings, it is quite indicative that the kingdom has much more to offer.”

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