RIYADH: A cooperation agreement has been signed between a Saudi business group and a regional entertainment body to develop the industry in the Kingdom and across the Gulf.
Inked between the Federation of Saudi Chambers of Commerce and the Middle East and North Africa Leisure and Attractions Council, the deal aims to connect buyers and suppliers in the industry through events and gatherings and provide ongoing education and training.
The federation explained on its X account that the agreement aims to promote safe practices, regional development, professional growth, and commercial success in the sector.
The signing comes as Saudi Arabia’s cultural landscape is being expanded as part of the Kingdom’s Vision 2030 economic diversification strategy, with the entertainment sector earmarked to contribute $23 billion – 3 percent – to gross domestic product by the end of the decade.
Key entertainment services, including licenses for facilities and talent and crowd management certifications, can now be accessed on Saudi Arabia’s new digital platform, launched by the General Entertainment Authority earlier in August.
The initiative is available through the Saudi Business Center’s digital platform and aims to streamline processes for entrepreneurs and companies, boosting business activity and investment in the sector.
The first phase, which started on August 11, targets essential services designed to help businesses operate efficiently and adjust to the Kingdom’s evolving entertainment sector.
The London-based global publishing, research, and consulting firm Oxford Business Group projects that the Saudi entertainment and amusement market will be valued at roughly $2.55 billion by 2024 and is expected to grow to $4.20 billion by 2029, representing a compound annual growth rate of 10.44 percent.
By 2030, the broader entertainment sector is projected to grow to approximately $1.17 billion, reflecting an annual increase of 47.65 percent.
This growth is fueled by a surge in projects in the sector, such as the Qiddiya entertainment city in Riyadh.
Source: Arab News
