Saudi Arabia’s need to diversify away from a dependence on oil-based revenues, in line with the Vision 2030 has resulted in competitive investment in entertainment gigaprojects including theme parks and cinemas across the kingdom. 

Saudi Arabia launched its homegrown cinema brand Muvi Cinemas in 2019, as the kingdom marked a close on the 35-year ban on cinemas in 2018. Furthermore, the Public Investment Fund-backed (PIF) and Qiddiya Investment Company (QIC)-developed art, culture, and entertainment destination, the 334km2 Qiddiya is a massive step in this direction. 

Despite the global outbreak of COVID-19, construction has been progressing on schedule at the gigaproject, CEO of Qiddiya Michael Reininger, told Construction Week earlier this year.

On similar note, speakers on The Future of Construction panel at the Leaders KSA 2020 Virtual Summit addressed the rise in entertainment projects in the region.

Qiddiya [image: Qiddiya]

Kerur said: “What we see is entertainment is forming a full fulcrum around the Vision 2030 agenda for such projects. There will always be a temptation for people to peel off and turn these projects into vanilla real estate, and that should be avoided.”

Speaking about the growth in theme parks’ construction, Seymour said, “In terms of construction spend theme parks’ occupy a major volume. Theme parks are not a big piece of the Middle East market, with the exception of the emirate of Dubai. These entertainment avenues are growing now; they are getting quite a big push since its coming from a very low base.”