Middle-east Arab News Opinion | Asharq Al-awsat

Calls on Devoting Rapt Attention to the Saudi Entertainment Industry | ASHARQ AL-AWSAT English Archive 2005 -2017
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Riyadh- Saudi businessmen and economic analysts lately beckoned the establishment of a new major investment company within the entertainment industry, answering to the Kingdom’s vision 2030.

The Kingdom of Saudi Arabia had recently approved an investment license for the U.S. amusement park corporate giant, Six Flags–the endorsement comes in line with the expectations of a blooming entertainment industry taking on economic prosperity and becoming a source for income.

Entrepreneurs meeting in the Saudi Eastern Province, stressed the importance of founding a major investment company working a capital no less than $2 billion, which directly pours into entertainment projects and investment coordinating with parties whether inside or outside the Kingdom.

Abdullah Malihi, leading Saudi businessman and head to the Ramez Group, told Asharq Al-Awsat newspaper that a band of businessmen had studied the significance of founding a giant investment company and concluded that being in line with implementing the Kingdom’s vision 2030, the new establishment would create better income opportunity and is expected to be a complementary effort by the private sector to the government exertions.

Malihi reiterated the pressing nature of setting up an effective investment entity, and confirmed that the Saudi private sector remains an operative partner in all of the government’s projects.

He further added that the private sector stands to be an economic force supportive of national vision.

The new entity is expected to lead to a dramatic leap forward.

Economic researcher and PhD holder Abdel Halim Muheisen told Asharq Al-Awsat newspaper that the initiative put forth is deemed a natural demand for several reasons; the first being that the Kingdom’s vision 2030 and the national program for transformation are hinged only through an effective tether between both public and private sector as to arrive to sustainable development.

Sustainable development would directly revive and diversify the economy, upgrading Saudi exports, localizing production and augmenting income sources.

Dr. Muheisen highlighted that the Kingdom is rich with requisites necessary for the healthy and dynamic establishment of an entertainment industry.

Another economic analyst, Abdul Rahman Ata, added that the initiative in motion would also attract further foreign investment and open up wider horizons for future Saudi exports.

“Research shows that Saudi Arabia has all natural, heritage, cultural and spatial resources needed for endorsing entertainment, amid estimations of the local sector touching a $2 billion value,” Ata said.