A recent report from the real estate consultancy company CBRE expects that the gross domestic product of the Kingdom of Saudi Arabia will grow at a CAGR of 6.5% between 2019 and 2024, to approach The value of 4 trillion riyals by the end of the forecast period.
According to ArabiaNet, the entertainment sector is expected to emerge as one of the most important non-oil economic sectors, to continue to make broad contributions to the Kingdom's GDP growth, according to the report.
In addition to recreational development projects and multi-use destination plans with different recreational elements, the main infrastructure projects and government initiatives are expected to contribute to stimulating the entertainment sector in the Kingdom, as well as the completion of construction works within many of the major projects in the Kingdom, such as the entertainment city of Qiddiya and the sea project Red, Amala, Al-Ula, and King Salman Park, and the Sports Track in Riyadh, achievements that are parallel to the National Transformation Program as part of the Vision 2030 goals.
In addition, musical, sports and social events will play a major role in expanding entertainment shows for the Kingdom on the one hand, and benefiting from the strong demand for distinguished entertainment experiences by Saudi citizens on the other hand.
The latest figures indicate that the kingdom organized a total of 5,000 events during 2018, which is more than twice the number recorded in the previous year.
This upward trajectory continued its momentum in 2019, following the launch of the Saudi Seasons initiative, which is an activity program launched by the General Authority for Tourism and National Heritage and the General Authority for Entertainment in March last year.
The seasons of Saudi Arabia represent an event that includes 11 tourist seasons, which will be held throughout the year in multiple locations throughout the Kingdom. The seasons of Saudi Arabia have embraced more than 3 thousand diverse activities and activities, and have received more than 30 million visitors from inside and outside the Kingdom since September 2019.
The report pointed to the benefit that the Kingdom will gain from increasing the number of visitors, in light of expectations that 45 additional cinemas will enter the Saudi market by 2020.
In their turn, developers in the retail trade sector in the capital Riyadh are seeking to benefit from the growth of those aspects of the sector, in light of expectations that the total area of retail destinations in the city will reach 3.5 million square meters of leasable area by 2024, according to the report.
He added: During the same period, the real estate market in Jeddah is expected to witness a remarkable growth in supply, reaching more than 2 million square meters of leasable area. In conjunction with increasing levels of competition in the market, developers who are able to distinguish their offers by attracting new brands and providing diverse concepts of food and beverage destinations will have a high competitive advantage.
