Saudi Entertainment Becomes Strategic Driver of Economy

 Large crowds attend Riyadh Season, SPA
Large crowds attend Riyadh Season, SPA
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Saudi Entertainment Becomes Strategic Driver of Economy

 Large crowds attend Riyadh Season, SPA
Large crowds attend Riyadh Season, SPA

Over the past decade, Saudi Arabia’s entertainment sector has shifted from an activity with limited influence to one of the main drivers of economic diversification under Vision 2030.

After years in which the sector was viewed as marginal or seasonal, it has become an integrated industry covering major events and festivals, concerts and international shows, cinema and artistic production, gaming and esports, entertainment tourism, and the restaurant and retail sectors linked to events.

The transformation has been reflected economically through the attraction of billions of riyals in local and international investment, the creation of thousands of jobs for young people, and higher domestic spending that might otherwise have flowed abroad. It has also stimulated related sectors such as hospitality, aviation, and transport.

Since its establishment in 2016, the General Entertainment Authority has played a central role in building and accumulating the sector’s regulatory infrastructure and attracting international events, turning cities such as Riyadh and Jeddah into regional hubs for events and entertainment.

As a result, entertainment is no longer merely a consumer activity. It has become an economic, investment, and cultural tool that contributes to improving the quality of life and strengthening Saudi Arabia’s position as a regional and global destination.

320 million visitors

General Entertainment Authority Chairman Turki Alalshikh said that over 10 years of continuous work, Saudi Arabia’s entertainment ecosystem had developed through more than 39 seasons and 21 entertainment programs, offering diverse experiences and drawing more than 320 million visitors.

He said this had helped consolidate the country’s global presence in the sector.

Alalshikh thanked Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for their “unlimited” support in establishing the General Entertainment Authority and building an integrated entertainment sector in the kingdom.

The chairman of the General Entertainment Authority had previously disclosed that the estimated brand value of Riyadh Season had reached $3.2 billion, reflecting the major growth in the season’s global reputation and confirming that it had become one of the leading entertainment brands in the Middle East and the world.

During the previous edition of Riyadh Season, he said the event included 11 main entertainment zones across the capital, 15 international championships, and 34 exhibitions and festivals, with the participation of more than 2,100 companies across various fields.

Local companies accounted for 95% of the total, through 4,200 contracts signed with the private sector, reflecting the empowerment of national talent and the growing contribution of the private sector to the local economy.

Tourism economy

In this context, the World Travel and Tourism Council, WTTC, recently said Saudi Arabia’s tourism sector was the largest in the Middle East.

It said the total contribution of travel and tourism to the kingdom’s economy reached about $178 billion in 2025, accounting for 46% of the Middle East’s tourism economy, according to the council’s methodology, which includes the sector’s direct and indirect contribution to gross domestic product.

The economic impact report said the total contribution of travel and tourism to Saudi Arabia’s GDP grew by about 7.4% in 2025, nearly double the global average growth rate of 4.1%.

At the regional level, Saudi Arabia exceeded the Middle East average growth rate of 5.3%, reinforcing its position as the fastest-growing tourism market in the region.

The figures underscore Saudi Arabia's regional leadership in tourism and its rapid growth since the start of the comprehensive transformation path outlined by Vision 2030.

The report pointed to business travel as one of the key enablers of growth in Saudi tourism, noting the kingdom’s emergence as a central hub for conferences, exhibitions and major international events. This strengthens its position as a leading global tourism destination with diverse demand drivers.

The WTTC report confirms the continued growth of Saudi Arabia’s tourism sector, a trend reflected in various global and local reports.

Saudi Arabia recently issued the Vision 2030 annual report for 2025, which showed strong performance in the tourism sector last year. The total number of domestic and inbound tourists reached about 123 million, further strengthening the kingdom’s position as a leading global tourism destination.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.