Saudi Arabia becoming a magnet of entertainment and tourism

 

Saudi Arabia becoming a magnet of entertainment and tourism

Saudi Arabia's concerted efforts to invigorate its entertainment sector have considerably enhanced the standard of living for residents, potentially attracting a larger expatriate community that previously hesitated due to perceived limited lifestyle options.

Christophe Castagnéra, Head of Strategy at event management firm Imagination Middle East while talking to Arabian Business said offering top-notch lifestyle experiences catering to various segments, such as art enthusiasts with events like Riyadh Biennale, high net worth tourists in AlUla, and beach clubs in Jeddah, is pivotal.

He stated, "The speed and scope of development is remarkable, and there's no doubt that tourism growth will surge as destinations like Qiddya open their doors in the coming years, starting from 2024/5."

Forecasts predict that the tourism sector will contribute $70-80 billion to Saudi Arabia's economy by 2030. This year alone, the sector has witnessed an impressive 10 percent growth in GDP.

‘Vision 2030 diversifying economy’

In 2016, Saudi Arabia launched Vision 2030, a comprehensive reform program aimed at diversifying the economy beyond oil dependency and improving citizens' quality of life through various economic, social, and cultural initiatives by 2030.

"Tourism's contribution to the economy was succinctly captured by Fahd Hamidaddin, CEO of the Saudi Tourism Authority, who remarked: 'The World in the 1920s came to Saudi for oil, now the world will come in the 2020s for tourism. Tourism is the new oil,'" noted Castagnéra.

Key attractions like the ancient city of AlUla have emerged, welcoming hundreds of thousands of global visitors. The Kingdom has introduced numerous new entertainment options over recent years, including concerts, mega-festivals, and theme parks.

Saudi Entertainment Ventures (SEVEN) recently revealed plans for a Transformers theme park in the Kingdom. Commenting on this announcement, Castagnéra highlighted that these upcoming destinations are set to offer a "vast spectrum" of entertainment for all residents to relish.

"The current time is ideal for launching because there's a dynamic Saudi population eager for novel experiences, coupled with a growing number of expats and tourists seeking the finest lifestyle encounters. Both groups possess the economic power to drive returns, but ultimately, these destinations are about relaxation and enjoyment," Castagnéra elaborated.

He added, "Tourism has long been pivotal to Saudi Arabia's economy, historically centered around the Hajj season. This annual event, alongside year-round Umrah pilgrimages, generates an estimated $12 billion for the kingdom. Nevertheless, the success of destinations like AlUla has opened up new avenues for lifestyle tourism. AlUla alone hosted over 250,000 visitors in May 2022, surpassing forecasts. With the ongoing expansion and recognition of AlUla, along with the development of established locations like Jeddah, there's much more to anticipate."

Source: https://www.arabianbusiness.com/