RIYADH: Saudi Arabia is gearing up to introduce a host of new entertainment and aquatic parks as the Ministry of Investment partners with Nowaar Entertainment, with the first park slated to open its doors in Riyadh in 2025.
In collaboration with the General Entertainment Authority, MISA signed an agreement on Sunday with Nawaar Entertainment to develop entertainment and splash parks across the country, with Riyadh being the inaugural location set to launch in 2025.
Saudi Arabia’s entertainment sector has seen exponential growth, with the number of companies skyrocketing to 4,000 from fewer than 10 since the inception of Vision 2030, according to a senior official.
Speaking at the Saudi Media Forum in Riyadh on Feb. 21, GEA CEO Faisal Bafarat revealed that the industry has already generated over 150,000 local jobs since the Kingdom embarked on its economic diversification initiative in 2016.
Bafarat emphasized the significance of fostering high competitiveness among various business sectors to introduce innovative forms of entertainment, which are now attracting increased investment in the Kingdom, as reported by the Saudi Press Agency.
Reports also indicated the organization’s efforts toward developing entertainment options tailored to the diverse needs of people from all walks of life in the Kingdom.
Meanwhile, MISA inked several agreements with Japan during the Seventh Ministerial Meeting of the Saudi-Japan Vision 2030, held in Riyadh in December 2023.
Chaired by Saudi Minister of Investment Khalid Al-Falih alongside the Japanese Minister of Economy, Trade and Industry, Ken Saito, and the Japanese Vice-Minister for Foreign Affairs, Fukazawa Yoichi, the event witnessed the signing of 13 agreements and memorandums of understanding with Japanese entities and companies.
Among the highlights were three significant projects in construction technology, tourism, and entertainment.
Through dialogue sessions, the meeting also shed light on promising partnership opportunities in implementing mega projects in the Kingdom, including NEOM, the Red Sea, and Qiddiya.
Saudi Arabia’s Vision 2030 is spearheading targeted support measures for the entertainment sector, aiming to contribute over $23 billion, equivalent to 3 percent of GDP, and create more than 100,000 jobs by 2030. Additionally, a $64 billion investment plan is in place to further bolster the sector’s growth.
Source: Arab News
