American commercial real estate services and investment firm CBRE Group, Inc., the largest commercial real estate services company in the world, recently released a graphic-filled and detailed report on Saudi Arabia’s bourgeoning entertainment industry, which it calls a “game changer.”
“Since the announcement of Saudi Vision 2030 in 2016, the entertainment sector has risen to the forefront of the economic transformation within the Kingdom of Saudi Arabia. With one of the key objectives of the vision focusing on increasing household expenditure related to entertainment and leisure, the Saudi Government has played a central role in supporting the growth of this important sector through the implementation of a number of key initiatives and regulations, including the lift of the cinema ban as well as the introduction of new tourism visas.
“In addition to this and other measures of support, the industry has expanded in line with demand for new and innovative experiences among the significant young Saudi Arabia population, resulting in new opportunities for private sector participants, and more specifically, real estate development and enhancement across the Kingdom’s wide geography. In this report, we will explore key milestones and developments within Saudi Arabia’s entertainment sector as well as the impact on the real estate sector and development opportunities moving forward,” the report says.
The report includes a timeline of all entertainment-industry related events and developments since the announcement of Vision 2030 through today and to 2030, demonstrating that while a lot has been accomplished in a little time for Saudi Arabia, there’s more to come.
The report looks at specific entertainment initiatives as well as at macroeconomic indicators and trends, government initiatives, real estate landscape, and challenges for the sector.