Saudi Arabia to invest 135Bn SAR to boost entertainment sector
As part of this investment, Saudi Arabia’s government will construct an array of projects, such as 16 entertainment complexes
Saudi Arabia's government is set to unlock the "massive potential" of its cinema market by investing 135 billion SAR in an initiative to boost its entertainment sector by 2020.
As part of this investment, Saudi Arabia’s government will construct an array of projects, such as 16 entertainment complexes, an aquatic centre and three entertainment hubs, which will be based in Riyadh, Jeddah and Dammam.
The move is also part of Saudi Arabia’s aspirations for Riyadh, Jeddah and Damman to become among the top 100 cities for developing and diversifying entertainment opportunities for the population.
The Kingdom lifted its 35-year ban for cinemas in December 2017.
In line with this vision of Saudi Arabia, hotel firm Four Seasons Hotel will welcome key stakeholders to its hotel in Riyadh, Saudi Arabia for the Cinema Build KSA forum from the 14-15 April, 2019.
Cinema Build KSA Forum, which is organised by Eyes of Cities in collaboration with Great Minds Event Management, will discuss the latest trends and techniques of building cinemas in the Kingdom of Saudi Arabia.
Leila Masinaei, managing partner at Great Minds Event Management, said the world is witnessing Saudi Arabia’s confident steps toward an unprecedented era of social and economic reforms.
“The cinema ban lift opens doors to untrodden grounds for investments and lucrative revenue streams for the Kingdom and the entertainment sector stakeholders,” said Masinaei.
According to reports, the Kingdom is expected to build around 300 cinemas, as well as various family entertainment centres by 2030.