After many years of relying on oil and gas, the Kingdom of Saudi Arabia announced its alternative plan and ambitious Vision 2030 program, aiming to diversify national income sources and ensure sustainable development. Therefore, it was not surprising that the state dedicated its efforts and resources to supporting non-oil economic sectors to develop, enhance their efficiency, and increase their contribution to the gross domestic product. We have witnessed how Saudi Arabia provided the success factors for these sectors, achieving its goals. The continuous financial indicators and statistics have repeatedly proven the feasibility of the path the Kingdom has committed to since April 2016.
At the forefront of the sectors that the Kingdom has given special attention to is the entertainment sector. To support its growth, Saudi Arabia established the General Entertainment Authority and the Saudi Entertainment Ventures Company (a subsidiary of the Public Investment Fund). Additionally, the Kingdom recently introduced incentive laws and new regulations aimed at opening the door for the private sector to actively contribute to the development of this promising industry.
As a result of these efforts, Saudi Arabia has achieved significant gains, attracting billions of dollars from both domestic and international investors. Over just four years, more than 46 million people attended entertainment events, while the number of event days surpassed 26,000. Furthermore, the sector successfully created 101,000 job opportunities for Saudi youth, both men and women.
And because “Mashroo3k” Consulting for economic advisory and market research always backs its statements with verified data, we will present below the key indicators, statistics, and data of the entertainment sector. This will provide you with a clear picture of its feasibility and reassure you about the investment potential it holds.
- In 2019 alone, the number of entertainment events reached 690, spanning a total of 9,784 event days. The attendance for these events surged to 34,699,458 people, reflecting the sector’s rapid growth and increasing public engagement.
- In 2018, the number of archaeological, heritage, and history museums reached 33 museums, attracting a total of 1,083,099 visitors. This highlights the growing interest in cultural and historical tourism within the Kingdom.
- The number of private museums in 2018 was estimated at about 195 museums.
- There are 8,499 archaeological sites in Saudi Arabia, with the number of visitor permits reaching 178,020.