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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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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.