72 Projects in 10 Years to Expand Saudi Entertainment Sector
Saudi Arabia is expected to witness the development of about 72 entertainment projects aimed at improving the quality of life which will support the GDP with about $2.1 billion annually.
Many companies are working in the promising entertainment sector and several international companies have entered the Saudi market through various mega projects such as Qiddiya.
The Saudi Contractors Authority launched the Future Projects Forum 2020 with the participation of 35 government and private bodies to present over 850 projects with a total value of more than $160 billion and the participation of nearly 2,000 contractors.
Meanwhile, the Saudi Entertainment Ventures (SEVEN), investment arm of the Public Investment Fund (PIF), announced it was developing new entertainment complexes in vital locations throughout the Kingdom.
SEVEN announced the complexes to keep pace with the rapid growth of the tourism sector, in addition to its role in achieving the goals of the Vision 2030.
The complexes are being developed in strategic locations to provide large numbers of residents with innovative entertainment options suitable for all family members. Each complex will have many facilities, such as cinemas, gaming centers, restaurants, cafes, and more.
The new entertainment system will include 20 entertainment complexes and two entertainment cities, with an estimated area of 100,000-200,000 square meters, and 50 cinemas in all Saudi regions and cities which will be completed by 2030.
SEVEN Chairman Abdullah al-Dawood said that they are working on building an integrated system for the entertainment sector and that the company follows an accurate development structure, stressing the importance of opportunities that support the private sector to keep pace with the development of the entertainment scene in the Kingdom.
Dawood asserted that SEVEN is committed to achieving the goals of Vision 2030 by accelerating the development of world-class leisure destinations in support of plans to diversify national economic resources and provide productive career opportunities.
“Our complexes will turn the Kingdom into an entertainment, cultural and tourism hub in the region.”
SEVEN also developed plans to build two huge entertainment cities in Jeddah and the Eastern Province, in partnership with global operators. The locations of the cities have already been chosen.
The 20 entertainment complexes include various facilities, centers and activities, such as specialized recreational areas, cinemas, stores and restaurants.
They will be distributed in various Saudi regions and cities such as Riyadh, Jeddah, Dammam, Khobar, Makkah, Madinah, Jazan, Tabuk, Abha, Yanbu, and Taif.
In addition, there will be 50 new movie theaters in entertainment complexes and other major locations throughout the Kingdom, affiliated with American Multi-Cinema (AMC).