Saudi Arabia focuses on leisure and entertainment
Saudi Arabia continues to boost its tourism with the aim of diversifying its economy within the framework of Vision 2030. For this reason, the Kingdom's Public Investment Fund launched an entertainment project in the city of Yanbu worth 1.1 billion rials ($293 million). The agency stressed that this project is part of "Riyadh's efforts to diversify its economy and achieve Vision 2030".
The Saudi Entertainment Projects Company (Seven), owned by the Fund, announced the start of construction of the new entertainment destination in the city located in the west of the country on the Red Sea. According to the company's board director, Abdullah Al-Daoud, the project will contribute to the enrichment of the entertainment sector, an industry that is experiencing rapid growth in the Kingdom.
Speaking to Al-Arab, Al-Daoud said the company will seek to ensure that the project's design reflects the picturesque natural landscape of the city of Yanbu, representing its rich history and its port, one of the oldest in the country.
Riyadh's plans to boost tourism remain on track for success. The government has set a target for the sector to account for more than 10% of GDP by the end of the decade, which is why it has approved more than 3,500 tourism investment projects.
Seven, in particular, is investing more than 50 billion reais ($13.3 billion) to build around 21 entertainment destinations in 14 cities across the Kingdom, including the capital, Riyadh, Mecca, Jeddah, Taif, Dammam, Al Khobar, Al-Ahsa, Medina, Ahba and Jizan.
In the city of Medina, for example, the company began construction work at the end of July on its new tourist destination, which will cover an area of more than 84,000 square metres. The project, which is located next to King Fahd Central Park, will comprise a state-of-the-art cinema with IMAX exhibition halls, as well as a bowling alley, gym, restaurants, cafes and shops. Earlier this year, Seven also announced the start of construction of a leisure project in the capital's Al-Hamra neighbourhood and in Tabuk.
With all these plans, Saudi Arabia is seeking to increase the number of tourists, both domestic and foreign. In this regard, the Kingdom has doubled the length of the 'Riyadh entertainment season' from three months to six months in order to double the number of visitors.
The 'Events Fund' investment fund has also recently been launched, as investment is a key pillar of Vision 2030. This fund, led by Crown Prince Mohammed bin Salman, will promote activities focused on the development of sustainable infrastructure to support sectors such as culture, tourism, leisure and sport. Its goal is to attract 100 million tourists by 2030. In addition, the fund will work to develop and increase direct investment opportunities for international companies and banks, contributing positively to gross domestic product.