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Saudi Arabia Kicks Off Largest Entertainment Events

Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
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Saudi Arabia Kicks Off Largest Entertainment Events

Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)
Officials are seen at the opening of the exhibitions at the Riyadh Front Exhibition and Conference Center. (Asharq Al-Awsat)

Saudi Arabia’s Riyadh witnessed on Tuesday the launch of its largest entertainment gathering with the opening of two highly anticipated events - the Saudi Entertainment and Amusement (SEA) Expo, and the Saudi Light and Sound (SLS) Expo.

Over three exciting days, attendees will experience interactive displays, cutting-edge technology, and insights into the future of entertainment. The expos feature local and international experts, government officials, and industry specialists.

Mohannad Al-Abbad, Deputy CEO of Investment and Business Development at the General Entertainment Authority, inaugurated the exhibitions, followed by tours for VIP guests.

Speaking to Asharq Al-Awsat, Majed Aleid, Director of the Entertainment Sector at the Ministry of Investment, noted the Kingdom’s significant progress in the entertainment sector, highlighting its role in boosting quality of life.

The events offer valuable insights and experiences, aiming to enhance cooperation, innovation, and communication among investors, creators, and industry experts globally. They bring fresh ideas and projects to enrich the entertainment scene, he added.

Sarkis Kahwajian from DMG Events, which is organizing this year’s edition of the expos, stressed that this year’s agenda is the most diverse yet, showcasing the latest products and developments in Saudi entertainment.

Saudi Invest, part of the Ministry of Investment, will sign an agreement with Nowaar Entertainment on experiential events and content development.

Dallah Al-Baraka, a multinational company, will partner with Europa-Park, a renowned German amusement park, to offer consulting services, training programs, and equipment sales to support the sector’s growth aligned with Saudi Vision 2030.

Over the next three days, the SEA Expo will showcase new products from various companies.

Speakers from top industry players like Six Flags Qiddiya, SEVEN, Cruise Saudi, and government bodies will discuss topics including the future of Saudi entertainment, local-global brand connections, food and beverages, amusement parks, sustainability, and workforce retention.

At the SLS Expo, visitors can explore lighting, sound, live events, theater tech, and augmented reality.

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.