Saudi Arabia enters “FUN LAND”

After being known for decades as one of the most strictest countries in the world with regards to entertainment, music, movies or entertainment parks, the Kingdom has embarked on a totally new road. In the coming years, Saudi Arabia is pumping $2.7 billion into new entertainment projects. As part of the Saudi Vision 2030, the government wants its people to have more fun, while staying in the country. To support the latter, Saudi’s sovereign wealth fund Public Investment Fund (PIF) will set up a company to invest in the sector and do deals with strategic partners. As one of its main and first investments it will include an entertainment complex set to launch by 2019.

Until now, the Kingdom is not rife with entertainment attractions. Public cinemas and theaters are banned. The kingdom hosted its first music concert this year, but only men were allowed to attend. The last days, this has changed dramatically, as was shown in a surprise DJ concert in one of Riyadh’s shopping centers.

The Kingdom has embarked to diversify its economy, forced by depressed oil prices and increased youth unemployment. In its Vision 2030, which is a blueprint for what the economy should look like in the next decade, one of the key goals is to grow the tourism and entertainment sector. The PIF’s new company is projected to serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom, which will contribute around 8 billion Saudi Riyals ($2 billion) to the GDP. In Vision 2030, the government has stipulated that it aims to double the share of household spending that goes on Saudi entertainment to 6% by 2030. Details are limited, but the PIF says the new business will have an initial capitalization of SR10bn ($2.7bn). It also will be targeting strategic partners to work with.

The Kingdom has embarked to diversify its economy, forced by depressed oil prices and increased youth unemployment. In its Vision 2030, which is a blueprint for what the economy should look like in the next decade, one of the key goals is to grow the tourism and entertainment sector. The PIF’s new company is projected to serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom, which will contribute around 8 billion Saudi Riyals ($2 billion) to the GDP. In Vision 2030, the government has stipulated that it aims to double the share of household spending that goes on Saudi entertainment to 6% by 2030. Details are limited, but the PIF says the new business will have an initial capitalization of SR10bn ($2.7bn). It also will be targeting strategic partners to work with.

The Kingdom has embarked to diversify its economy, forced by depressed oil prices and increased youth unemployment. In its Vision 2030, which is a blueprint for what the economy should look like in the next decade, one of the key goals is to grow the tourism and entertainment sector. The PIF’s new company is projected to serve more than 50 million visitors annually and create more than 22,000 jobs in the Kingdom, which will contribute around 8 billion Saudi Riyals ($2 billion) to the GDP. In Vision 2030, the government has stipulated that it aims to double the share of household spending that goes on Saudi entertainment to 6% by 2030. Details are limited, but the PIF says the new business will have an initial capitalization of SR10bn ($2.7bn). It also will be targeting strategic partners to work with.

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