The Saudi General Entertainment Authority (GEA) is counting on the sector’s ability to be a new source of investment in the Kingdom.
It is working on establishing the sector’s pillars by creating the necessary environment to form the industry’s constituents, including the manufacturers, advertisers and consumers, and their affiliated services.
Entertainment constitutes an important part of the services and tourism sectors, which are among the Kingdom Vision 2030’s main pillars.
“We are talking about the sector from a comprehensive perspective since economic diversification is a major part of the Kingdom's vision over the next 10 years,” said Saudi Minister of Economy and Planning Mohammad al-Tuwaijri.
In order to achieve sustainable growth, Tuwaijri said: “there must be a diversified development base from different sectors.”
He explained that the service sector, which includes tourism and entertainment, constitutes 10 percent of the GDP as well as 10 percent of jobs around the world.
“We focus on the impact of this sector on employment and tourism,” he said, pointing out that the GEA has in more than one occasion explained that what is spent on entertainment has double benefits on the economy.
He explained that investment is good as it helps to revive the supporting sectors, such as retail, transport services, and real estate.
“This integrated system directly affects economic growth.”
GEA Chairman Turki Al Sheikh, for his part, said that the entertainment sector is promising for investment.
He pointed out that Riyadh will now enjoy significant investment opportunities that have not been exploited yet, including the unused land, expecting these opportunities to achieve rewarding returns.
“The entertainment sector will be like the stock and real estate markets for the country,” he said.