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Saudi Arabia to invest $71 bn in entertainment project infrastructure

saudi riyadh
Bea Mitchell
By Bea MitchellApr 17, 2019 1 min read
Bea Mitchell
Bea is a journalist specialising in entertainment, attractions and tech with 15 years' experience. She has written and edited for publications including CNET, BuzzFeed, Digital Spy, Evening Standard and BBC. Bea graduated from King's College London and has an MA in journalism.
See Full Bio

Saudi Arabia will invest SR267 billion ($71 billion) in entertainment project infrastructure across the kingdom, GCAM says.

The Saudi General Commission for Audiovisual Media (GCAM) announced an injection of $71 billion to build the infrastructure that the entertainment sector will need (via InAVate).

According to a 2018 report by Flanders Investment and Trade, investments in the entertainment sector are set to reach$4.8 billion annually.

See also: Everything you need to know about Saudi Giga Projects

GCAM previously announced that it will invest $35 billion in culture and leisure by 2020, opening2,500 screens over the next five years, with 300 cinemas by 2030.

Saudi Arabia from the air at night entertainment city

As part of the expansion, 16 entertainment complexes, an aquatic centre and three entertainment hubs are also planned.

Vox Cinemas recentlypledged $500 million to build 600 screens in Saudi Arabia. Over the next four years, Vox wants to add an average of 150 screens per year through 2023, to reach a total of 600 screens.

Last year, AMC Entertainment opened thefirst commercial cinema to operate in Saudi Arabiain 35 years.

More projects in Riyadh

Meanwhile, Saudi Entertainment Ventures Company (SEVEN) revealed more information about its game-changing entertainment plans for Saudi Arabia.

Saudi previously launchedfour projects worth $23 billion in Riyadh. Construction will begin this year on King Salman Park, Sports Boulevard, Green Riyadh and Riyadh Art.

The kingdom also announcedplans to build 20 entertainment centres, including one 100,000 square-metre entertainment complex in Riyadh earlier this year, andrevealedplans fora second mega entertainment hub in Riyadh.

Giga-projects in Saudi

There are 4 “giga-projects” currently under construction in Saudi:Qiddiya,Al-Ula,Neomand theRed SeaProject. In September, the Public Investment Fundannounced a new uber-luxury resort called Amaala.

Saudi's are setto travel between giga projects via Hyperloop by 2020, according to the VP of Virgin Hyperloop One in Arabian Gulf.

Image: Pixabay

dealfeedattractions technologysaudi arabiaattractions business
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Bea Mitchell
Bea Mitchell
Bea is a journalist specialising in entertainment, attractions and tech with 15 years' experience. She has written and edited for publications including CNET, BuzzFeed, Digital Spy, Evening Standard and BBC. Bea graduated from King's College London and has an MA in journalism.
See Full Bio

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