Earlier this month, the Riyadh International Convention and Exhibition Centre (RICEC) hosted the 2nd annual Saudi Entertainment and Amusements Expo (SEA). This was a chance for the best of the UK creative industry to showcase their work and ideas to a market that is very much on the rise.
Saudi’s Vision 2030 outlines the plan for the next decade in Saudi Arabia, where the aim is to see the country step away from its oil-based economy, and focus more on attracting visitors from all over the world. Outlined in this plan, are the aspirations to become a vibrant society, that sees its residents succeed in a thriving economy while participating in cultural, entertainment and sports activities. The forward-thinking Crown Prince Mohammad bin Salman is overseeing the development as chairman, and since his reign, Saudi Arabia has granted women the right to drive for the first time.
September 2019 also saw the introduction of the tourist visa for Saudi Arabia, in which residents from 49 different countries could visit the country, either applying online or buying on arrival. This move was inspired by the likes of India and Singapore, which since its introduction in India has seen a rise in tourist visits of over 20%. The move to allow tourist visas is also backed heavily with plans to create different experiences throughout the country.
Saudi Arabia has the unique opportunity of having many different terrains and climates, due to its size. At over a fifth of the size of Europe, and with its capital Riyadh being larger than Belgium, Saudi Arabia offers a multitude of different opportunities to investors. There is no wonder the Saudi Arabia General Investment Authority (SAGIA) has announced 27bn Dollars’ worth of investment agreements, with their eyes set on becoming a top 5 global destination. Over the next decade there are a series of “Mega” and “Giga” projects planned throughout Saudi Arabia, and when completed these will draw tourists from all over the globe.
Located 40km west of Saudi Arabia’s capital Riyadh, Qiddiya is set to become the future capital of Entertainment, Sport and the Arts. Once the site is complete it is expected to be the World’s largest entertainment city, at double the size of Walt Disney World in Orlando, Florida. There will be over 300 recreational and educational facilities for visitors to experience, each falls into one of five categories: Parks and Attractions, Sports and Wellness, Motion and Mobility, Nature and Environment, or Arts and Culture. The site will also be home to a Six-Flags theme park, set to rival the likes of Disneyworld in the West.
Another of the Giga projects outlined in Saudi’s Vision 2030 document is The Red Sea Project. The vision for this project is to create an ultra-luxury destination, utilising the coasts 90 islands that are left relatively untouched by the outside world. The project is due to set a new standard of sustainable development, with environmental protection at the heart of the plans, following major environmental studies to ensure the protection of the area, during and post-development. The first phase will see the creation of 14 luxury hotels across 5 of the islands, and when fully completed the project will have developed over 20 islands out of a total of 90. This project alone will create 70,000 jobs, aiding the economic progression of Saudi Arabia.
This year SEA welcomed over 120 different exhibitors, a number of which were from the UK. The Department for International Trade (DIT) also had a large stand presence at the expo, providing insight and positive discussion around the Saudi market. Experience UK were also in attendance, to get a closer look at what SEA had to offer and to see many of our members proudly showcasing their products to potential investors, or discussing future opportunities within the country.
SEA has made vast growth in only two years, and it is apparent that this growth is going to continue year on year, in conjunction with Saudi’s Vision 2030. The potential for growth and expansion is vast and that twinned with the spending power of Saudi Arabia as a country is truly astonishing, and there is no wonder the best of the British creative industry is being sounded out to lead this progression. From attending a meeting with SAGIA it is clear that they see the UK as the pinnacle for companies operating within the experience economy, and aim to develop using our skills and expertise.
