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Saudi Arabia Attracts Foreign Investments in Entertainment Sector - ASHARQ AL-AWSAT English Archive
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Riyadh- Saudi Arabia is expected to change the investment map in the region during the coming months since the local market is anticipated to be the first destination of foreign capitals especially in several vital sectors that are considered the core of investments.

Major sectors that are expected to witness a surge in capital inflows are: entertainment, tourism, retail, real-estate development and the industrial sector. The flow emanates from the new measures taken by the kingdom to ease investment conditions.

On the level of entertainment, Saudis are considered on top of nations who prefer to travel during vacations because the local entertainment sector does not appeal to them. This actually urged Saudi Arabia to establish an independent authority for entertainment the thing, which indicates more projects are to be implemented in this sector.

Saudi Arabia aims to increase the entertainment sector contribution in the GDP from 3% to 6%, while investments in entertainment are forecast to start by next year.

Some economic reports affirm that Saudi Arabia is based on five overseas investments attracting factors: unique geographical location, eminent economic power, human factor, giant market and low number of competitors in many sectors.

Commenting on these factors, the economist Fahd al-Mashari told Asharq al-Awsat that international companies and investors have their eye on Saudi Arabia. He added, “Saudi Vision 2030 boosted the interest of international companies in the Saudi market and I expect the upcoming three years to witness a remarkable purge of investments.”

Furthermore, the guideline set by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz to establish the Saudi Council of Economic and Development Affairs is crucial to the country’s future economy –the council’s role is not restricted to issuing recommendations but also to revising decisions of 50 previous sessions headed by Deputy Crown Prince Mohammed bin Salman bin Abdulaziz.