Saudi Arabia to invest $71 billion in entertainment projects
The Saudi General Commission for Audiovisual Media (GCAM) announced that an injection of $71 billion in the entertainment sector will be needed to build suitable infrastructure for entertainment across the kingdom.
Investments in the entertainment sector are set to reach $4.8 billion annually, according to a 2018 report from Flanders Investment and Trade.
The news comes after GCAM announced plans to invest $35 billion in cinemas by 2020.
The announcement was made at the Cinema Build KSA Forum, where Vox Cinemas was awarded the second license to open cinemas in the kingdom.
The company plans to invest half a billion dollars in 600 screens over the next five years, aiming to bring the number of cinemas in operation in the country up to 350.
The first cinema opened in the country for the first time in 30 years in April 2018 after a controversial cinema ban was lifted in 2017 as part of a modernisation effort by Crown Prince Mohammed bin Salman.
30 cinemas are planned to be opened in 15 cities across Saudi Arabia within the next five years.