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Saudi Entertainment Authority Announces 1st Entertainment Business Accelerator

Saudi Arabia aims to make entertainment a vital sector in diversifying sources of income (Asharq Al-Awsat)
Saudi Arabia aims to make entertainment a vital sector in diversifying sources of income (Asharq Al-Awsat)
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Saudi Entertainment Authority Announces 1st Entertainment Business Accelerator

Saudi Arabia aims to make entertainment a vital sector in diversifying sources of income (Asharq Al-Awsat)
Saudi Arabia aims to make entertainment a vital sector in diversifying sources of income (Asharq Al-Awsat)

The Saudi General Entertainment Authority launched the Entertainment Business Accelerator program to encourage entrepreneurs interested in the rapidly growing sector.

Experts told Asharq Al-Awsat that the Kingdom is experiencing an unprecedented leap in entertainment, which requires qualifying the most significant number of enterprises to cope with the high demand in the current and upcoming phases.

The 12-week program will operate in two phases, aiming to provide entrepreneurs with guidance and training and link them with experts and consultants specialized in project development and a network of investors.

It provides weekly training workshops, and individual advisory sessions between entrepreneurs and specialized consultants will be provided as part of the program.

Experts will monitor participants' performance, support them in developing their projects, and help them prepare for the advanced investment rounds, where they will meet mentors weekly to expand their businesses.

The experts explained that entertainment projects in Saudi Arabia have recently proven successful in diversifying sources of income and increasing contribution to the gross domestic product.

They create job opportunities for male and female citizens, confirming the importance of providing and qualifying national companies capable of absorbing the size of mega projects and events to meet the government's ambition to promote the sector.

The program aligns with Vision 2030 in attracting 100 million visitors annually.

The Chairman of the Entertainment National Committee in the Federation of Saudi Chambers, al-Walid al-Baltan, explained that launching a program to accelerate and boost local competencies coincides with the upcoming projects that the Kingdom will witness in the entertainment sector.

Baltan told Asharq Al-Awsat that the business accelerator program would enable the owners of emerging projects to expand their business in the entertainment and compete to provide the best quality of services in line with the government's ambition.

He said it also creates multiple jobs for Saudis, adding that it diversifies sources of income and boosts the sector's contribution to the gross domestic product.

Managing Director of al-Hokair Tourism and Development Group Majed al-Hokair explained to Asharq Al-Awsat that the Kingdom is witnessing a quantum leap in entertainment, increasing the number of visitors from neighboring countries after Saudis used to travel to these countries for recreation.

Hokair indicated that the business accelerator launched by the Authority would enable small and medium enterprises and entrepreneurs to expand their businesses by linking them with the largest network of investors in several mega projects in the Kingdom.

The Entertainment Business Accelerator program accepts applications that end in March. The program would continue until June, targeting seven sectors: cities and centers, organizing events and crowd control, operating facilities, technical solutions, managing and developing technical talents, ticketing, and supporting services.

"Riyadh Calendar" welcomed 14 million visitors in all its regions, hosting various events of various interests and entertainment.

Visitors to Riyadh Calendar increased with its activities, including many aspects of entertainment at the local, regional, and global levels, forming a new and innovative industry to enjoy throughout the capital.

Riyadh is hosting exceptional events, most notably "The Earth Voice Night," which was held in February with the participation of top Arab artists.

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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.