عربي English Türkçe اردو فارسى
Logo
Latest News

Five Key Areas Drive Social, Economic Growth in Saudi Arabia

N/A
N/A
TT
TT

Five Key Areas Drive Social, Economic Growth in Saudi Arabia

N/A
N/A

As Saudi Arabia’s public and private sectors strive to exceed expectations set by “Vision 2030,” an international report highlighted five key areas crucial for social and economic growth in the kingdom.
The recent report stressed the importance of developing regions outside the main urban centers to achieve the ambitious goal of making Saudi Arabia one of the world’s top 15 economies.
Published by Arthur D. Little, the report estimated a potential economic contribution of 27 billion riyals ($7.2 billion). The growth focused on five main areas: strategy, governance, human capital, infrastructure, and investment.
The report outlined success factors that can strengthen regional economies and boost national growth to meet Vision 2030 targets.
Saudi regions have significant potential to support GDP growth, especially major urban centers like Riyadh, Dammam, and Jeddah, which have a per capita GDP of around 107 riyals ($28.5).
Dr. Abdul Rahman Baashen, head of the Al Shorouk Center for Economic Studies in Jazan, highlighted that Saudi Arabia’s strategic approach is crucial for the kingdom’s development in various fields, including civilization, sports, culture, and economy.
Speaking to Asharq Al-Awsat, Baashen emphasized the successful collaboration between Saudi Arabia’s public and private sectors, which has greatly advanced the goals of “Vision 2030.”
He pointed out that achievements in economic growth, investment attraction, and innovation have been significant.
Baashen noted the impressive performance of the Saudi Public Investment Fund, which doubled its revenues to $88.5 billion in 2023, thanks to the growth in its portfolio’s market value and the strong performance of the National Industrial Development Program, which increased by 87%.
He also mentioned that rapid growth in key sectors like energy, industry, mining, and logistics has driven comprehensive development. Foreign direct investment (FDI) into Saudi Arabia increased by 5.6%, reaching 9.5 billion riyals ($2.5 billion) in the first quarter of this year.

Most Viewed

 
 
Entertainment

‘Wicked’ and ‘Gladiator’ Make Gravity-Defying Theater Debuts

People wait to watch a screening of the film "Wicked" at the TCL Chinese Theater in Los Angeles, California, US, November 23, 2024. (Reuters)
People wait to watch a screening of the film "Wicked" at the TCL Chinese Theater in Los Angeles, California, US, November 23, 2024. (Reuters)
TT
TT

‘Wicked’ and ‘Gladiator’ Make Gravity-Defying Theater Debuts

People wait to watch a screening of the film "Wicked" at the TCL Chinese Theater in Los Angeles, California, US, November 23, 2024. (Reuters)
People wait to watch a screening of the film "Wicked" at the TCL Chinese Theater in Los Angeles, California, US, November 23, 2024. (Reuters)

With a combined $270 million in worldwide ticket sales, “Wicked” and “Gladiator II” breathed fresh life into a box office that has struggled lately, leading to one of the busiest moviegoing weekends of the year.

Jon M. Chu’s lavish big-budget musical “Wicked,” starring Ariana Grande and Cynthia Erivo, debuted with $114 million domestically and $164.2 million globally for Universal Pictures, according to studio estimates Sunday. That made it the third-biggest opening weekend of the year, behind only “Deadpool & Wolverine” and “Inside Out 2.” It’s also a record for a Broadway musical adaptation.

Ridley Scott’s “Gladiator II,” a sequel to his 2000 best picture-winning original, launched with $55.5 million in ticket sales. With a price tag of around $250 million to produce it, “Gladiator II” was a big bet by Paramount Pictures to return to the Coliseum with a largely new cast, led by Denzel Washington and Paul Mescal. While it opened with a touch less than the $60 million predicted in domestic ticket sales, “Gladiator II” has performed well overseas. It added $50.5 million internationally.

Going into the weekend, box office was down about 11% from last year and some 25% from pre-pandemic times. That meant this week's two headline films led a much-needed resurgence for theaters. With “Moana 2” releasing Wednesday, Hollywood might be looking at historic sales over the Thanksgiving holiday.

“This weekend’s two strong openers are invigorating a box office that fell apart after a good summer,” said David A. Gross, a film consultant who publishes a newsletter for Franchise Entertainment.

The collision of the two movies led to some echoes of the “Barbenheimer” effect of last year, when “Barbie" and “Oppenheimer” launched simultaneously. The nickname this time, “Glicked,” wasn’t quite as catchy and the cultural imprint was also notably less. Few people sought out a double feature this time. The domestic grosses in 2023 – $162 million for “Barbie” and $82 million for “Oppenheimer” – were also higher.

But the counter-programming effect was still potent for “Wicked” and “Gladiator II,” which likewise split broadly along gender lines. And it was again the female-leaning release – “Wicked,” like “Barbie” before it – that easily won the weekend. About 72% of ticket buyers for “Wicked” were female, while 61% of those seeing “Gladiator II” were male.

And while “Barbenheimer” benefitted enormously from meme-spread word-of-mouth, both “Wicked” and “Gladiator II” leaned on all-out marketing blitzes.

Both movies pulled out all the stops in global advertising campaigns that spanned everything from “Wicked” Mattel dolls (some of which led to an awkward recall) to an Airbnb cross-promotion with the actual Colosseum in Rome. For “Gladiator II,” Paramount even took the unusual step of simultaneously running a one-minute trailer on more than 4,000 TV networks, radio station and digital platforms.

Though “Wicked” will face some direct competition from “Moana 2,” it would seem to be better set up for a long and lucrative run in theaters. Even at 2 hours and 40 minutes, the film has had mostly stellar reviews. Audiences gave it an “A” on CinemaScore. The reception for “Wicked” has been strong enough that Oscar prognosticators expect it to be a contender for best picture at the Academy Awards, among other categories.

Producers, perhaps sensing a hit, also took the step of splitting “Wicked” in two. Part two, already filmed, is due out next November. Each “Wicked” installation cost around $150 million to make.

“Gladiator II” has also enjoyed good reviews, particularly for Washington's charismatic performance. Audience scores, though, were weaker, with ticket buyers giving it a “B” on CinemaScore. “Gladiator II” will make up for some of that, however, with robust international sales. It launched in many overseas markets a week ago, earning $87 million before landing in North America.