Saudi Arabia’s entertainment sector is expected to create 450,000 jobs by 2030 and contribute 4.2 percent of the gross domestic product. According to the latest report from the Ministry of Investment, the entertainment sector has reported several record highs in the last five years including attracting over SAR1 billion in total revenues and over 75 million event attendees. The sector has also seen a growth in the number of licenses to 2,189 and permits to 1,809. In the last five years, Saudi Arabia’s entertainment sector also attracted over 2,500 new businesses.
In line with Saudi Vision 2030, Saudi Arabia aims to diversify its economy and enhance the quality of life by promoting tourism and Saudi culture internationally to attract visitors. The entertainment sector is a crucial pillar in achieving these ambitious goals, focusing on enhancing the quality of life through a variety of cultural and entertainment activities.
Quality of Life Program
Launched in 2018 as part of Vision 2030, the Quality of Life Program plays a vital role in enhancing the entertainment sector by bringing global entertainment events to Saudi Arabia. The program focuses on diversifying entertainment options, improving the quality of life, creating job opportunities, which will attract more investments in the entertainment and tourism sectors.
By 2030, the Quality of Life Program aims to attract 72 percent of global brands to the Kingdom, raise the number of entertainment places to 613, and increase family spending on entertainment by 6 percent.
Spending on entertainment grows
According to the Saudi Central Bank (SAMA), spending on the entertainment and culture sector during the period from 2019 to 2023 has shown an upward trend, amounting to SAR15 billion in 2023, increasing by 33.1 percent compared to SAR11.2 billion in 2019. This improvement reflects the government’s support for the sector through Vision 2030, as well as the programs and initiatives launched to promote this sector. The sector will continue to expand thanks to new investments and the development of events that enhance entertainment diversity in the Kingdom.
Entertainment expansions attract tourists
The entertainment sector is a vital and dynamic part of Saudi Arabia, acting as a catalyst for the tourism sector. Hosting various events and activities boosts tourism and attracts visitors, resulting in higher tourism spending and strengthening the local economy.
In 2023, the number of inbound tourists to the entertainment sector amounted to 6.2 million, up by about 153.3 percent compared to the previous year. In addition, inbound tourist spending in the entertainment sector reached nearly SAR4 billion, after it was SAR550 million in 2021.
The number of local tourists to the entertainment sector increased by about 35 million tourists, up 17.2 percent from the previous year, and local tourist spending in the entertainment sector amounted to about SAR4.7 billion.
GEA and EIF launched
Saudi Arabia established the General Entertainment Authority (GEA) in line with Saudi Vision 2030, to organize and develop the entertainment sector in the Kingdom for all segments of society in all regions. It aims to enrich life, draw joy, and stimulate the role of the private sector in building and developing entertainment activities.
Saudi Arabia also launched the Events Investment Fund in 2019 with the aim of elevating the events industry in the Kingdom and establishing unique venues to host world-class events in the cultural, entertainment, tourism, and sports sectors in Saudi Arabia through collaborating with the private sectors and ensuring sustainability.
The EIF will be financed to develop 35 distinctive assets across the Kingdom. Moreover, it seeks to develop the capital by creating high-return investment opportunities and facilitating partnerships with private sector entities.
