What the future holds for the amusement, entertainment and attractions industry in the Kingdom of Saudi Arabia, was outlined yesterday at the opening of the MENALAC conference in Dubai.
Bill Ernest, CEO of the Saudi entertainment ventures company, Seven, told the assembly of industry leaders that KSA is preparing to channel US$64bn into investments in entertainment in the country. The government-owned investment corporation is readying itself to lead a total overhaul of the face of entertainment in the country.
Ernest, a former Disney executive and a veteran of major entertainment projects around the world, said Seven was behind the kingdom’s first cinemas to open in more than 35 years in a partnership with AMC Group, the largest movie theatre operator in the world.
In his keynote speech, opening the conference, Ernest told the trade association sponsored conference, held on the eve of the DEAL trade show at the World Trade Centre, that KSA’s travel and tourism sector accounted for $65bn of the country’s total GDP in 2016. He explained the company sustained a million direct, indirect and induced jobs in that year and that between 1997 and 2016 it had expanded by 38.2 per cent.
He said: “Our offerings will create exciting new roles for ambitious young Saudis. We will need to provide training in new skill sets. We will want to create friendly, awe-inspiring environments where Saudis will want to spend quality time with their family and friends.”
Ernest said the investments headed by Seven would serve over 50 million visitors, provide over 22,000 jobs directly and add SAR8bn to the GDP by 2030. “SEVEN aims to facilitate the presence of the quality of life for Saudis and meet their recreational expectations and needs,” he added.
More detail from Ernest’s keynote address will appear in our weekly Middle East newsletter on Wednesday.
Pictures: Bill Ernest presenting his keynote speech to the conference
