Saudi Arabia Puts Aside $64 Billion for Arts, Entertainment Projects Over Next Decade

The launch of the General Entertainment Authority in 2016 has already had a transformative impact, hosting more than 2,000 events in 2017. (SG)

Saudi Arabia’s ongoing efforts to transform its economy and diversify away from its dependence on energy is driving the creation of a vibrant new entertainment sector, according to experts set to meet in the Kingdom in May.

The launch of the General Entertainment Authority in 2016 has already had a transformative impact, hosting more than 2,000 events in 2017. These have included jazz festivals, operas, Saudi Fashion Week and even monster truck rallies.

To support this cultural diversification, the Kingdom has budgeted $64 billion for arts, tourism and entertainment investment over the next decade. In addition, international entertainment companies are entering the market to operate venues and cinemas.

A special panel at the Euromoney Saudi Arabia Conference, organized in partnership with the Ministry of Finance, will examine the economic impact of the growth of this new sector, the contribution to job creation and the investment opportunities for global investors.

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“There is international interest in the growth of Saudi Arabia’s cultural sector both from a social perspective but also as a significant investment opportunity. It has provided one of the most visible signs of change taking place in the Kingdom and is also a fascinating case study in the financial contribution that arts and entertainment can make to an economy,” said Victoria Behn, Euromoney Conference’s Director of Middle East and Africa.

“We’ve assembled a panel of investment experts and people at the heart of this cultural transformation to discuss the priorities for investment over the next decade, as well as the role that international companies can play,” she added.

The addition of entertainment investment to the agenda in 2018 reflects both the growing diversity of the Saudi economy as well as Euromoney Saudi Arabia’s comprehensive coverage of all aspects of the regional financial sector.

Other sessions at the event will cover debt and equity capital markets, small and medium businesses, real estate, and the state of the wider global economy in 2018.

The Euromoney Saudi Arabia Conference will run on May 2-3, 2018.