The Saudi leisure & entertainment sector is witnessing large-scale investments borne by the Kingdom’s diversification strategy aimed at raising domestic spending and attracting international visitors through enhanced in-country amenities and infrastructure. Launched in 2018, the Quality of Life (QoL) program encompasses a broad economic and cultural transformation plan that has led to the reopening of cinemas in Saudi Arabia, hosting of international sporting and music events, and the development of attractive leisure tourism destinations across the country.
Despite pandemic-induced slowdowns in projects, Saudi Arabia still grew its leisure investments this year and awarded major construction contracts for Diriyah Gate, a heritage cultural site, and Qiddiya, the Kingdom’s flagship theme park project. It also announced the launch of Soudah Development which will uncover a unique tourism destination in the southern region. In Q3 2021, the Ministry of Investment awarded the highest number of new licenses in ‘arts, entertainment, and recreation’ since data was made publicly available in 2018. Prior to the pandemic, Saudi Arabia implemented landmark reforms such as an inaugural tourism visa and lifted some foreign ownership restrictions to unleash the economic potential of the sector. While consumer spending and business activity has taken a hit from the pandemic, new investments and ongoing projects are aimed at recapturing the economic momentum built up prior to the pandemic.
FULL REPORT CONTAINS:
- Key Insights from Mr. Husameddin AlMadani, CEO of Soudah Development
- Sector Strategy
- Supply & Demand Gaps
- Regulatory & Financing Developments
- Consumer Spending
- Emerging Sectors
- Project Overview
- Business Opportunities