RIYADH: According to a recent research, the entertainment industry in Saudi Arabia is predicted to generate 450,000 employment and account for 4.2 percent of the nation’s GDP by 2030. According to the Kingdom’s Ministry of Investment’s most recent report, Saudi Arabia granted 34 investment licenses in the entertainment sector during the third quarter of this year, a 13% increase over the preceding three months.
According to the ministry, 303 investment licenses were granted in the entertainment industry overall between 2020 and the end of the third quarter. By promoting tourism and Saudi culture abroad to draw tourists, Saudi Arabia hopes to diversify its economy and improve people’s quality of life in accordance with Saudi Vision 2030. The Ministry of Investment stated that the entertainment industry, which focuses on improving people’s quality of life through a variety of cultural and leisure events, is an essential pillar in accomplishing these lofty objectives.
The Kingdom’s Vision 2030 objectives, which include lowering the nation’s long-standing reliance on petroleum income, are in line with the entertainment industry’s explosive growth. To support the entertainment and leisure sector, Saudi Arabia formed the General Entertainment Authority in 2016. The Kingdom has seen significant changes since then, such as the reopening of movie theaters in 2018. The research claims that throughout the previous five years, Saudi Arabia has granted 2,189 licenses in the entertainment industry.
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