Saudi Arabia is poised for a major expansion in entertainment amenities, as the Ministry of Investment has partnered with Nowaar Entertainment to establish a series of new entertainment and water-themed parks, with the first anticipated to welcome visitors in Riyadh by 2025.
Together with the General Entertainment Authority, the Ministry of Investment (MISA) formalized an arrangement on a recent Sunday with Nowaar Entertainment for the creation of these parks nationwide, marking Riyadh as the initial city for the launching event anticipated in 2025.
The entertainment industry in Saudi Arabia has witnessed a remarkable surge, with the sector expanding from less than a dozen companies to an impressive 4,000 entities since the launch of Vision 2030, as stated by a high-ranking official.
During the Saudi Media Forum held in Riyadh on February 21, the CEO of the General Entertainment Authority, Faisal Bafarat, highlighted that over 150,000 domestic jobs have been generated since the Kingdom started its journey towards economic diversification in 2016.
Bafarat stressed the importance of nurturing competitiveness in various industries to introduce novel entertainment options. Such initiatives are now drawing heightened investment into the Kingdom, a development reported by the Saudi Press Agency.
There were also reports on the organization’s endeavors to cater entertainment that suits the varied preferences of the Kingdom’s populace.
In addition, during the Seventh Ministerial Meeting of the Saudi-Japan Vision 2030 held in Riyadh in December 2023, MISA solidified multiple agreements with Japanese counterparts.
The meeting, co-chaired by Saudi Minister of Investment Khalid Al-Falih and Japanese officials, including the Minister of Economy, Trade and Industry, Ken Saito, and Vice-Minister for Foreign Affairs, Fukazawa Yoichi, was the platform for signing 13 agreements and MOUs with Japanese entities and firms, highlighting three significant ventures in construction technology, tourism, and entertainment.
Dialogue sessions at the meeting also pinpointed prospective collaborative opportunities for executing grand-scale projects in the Kingdom, focusing on NEOM, the Red Sea project, and Qiddiya.
With Vision 2030 at the forefront, targeted support is being channeled into the entertainment sector. The aim is to contribute more than $23 billion, about 3 percent of the nation’s GDP, and create in excess of 100,000 jobs by the year 2030. Moreover, there exists a strategic $64 billion investment plan designed to further propel the growth of this vibrant sector.