Saudi Arabia’s Salman King to Launch the ‘Entertainment City’: Hello, Everyone Today I am going to sharing some exciting facts on the Saudi King to Launch The ‘Entertainment City’. Saudi King Salman will launch the construction of an “entertainment city” near Riyadh Wednesday, authorities say, part of a series of multi-billion dollar projects as the kingdom seeks to diversify the oil-reliant economy.
The 334-square kilometre project in Qiddiya, southwest of Riyadh, would rival Walt Disney and include high-end theme parks, motorsport facilities and a safari park, officials says.
Saudi Arabia’s Salman King to Launch the ‘Entertainment City’
The facility highlights a “relentless effort to developing giga-projects that will help achieve many direct and indirect economic returns”, project official Fahd bin Abdullah Tounsi was quoting as saying in a government statement on Monday.
Lidiya chief executive Michael Reininger says he expects the project will draw foreign investors in the entertainment and other sectors but do not specify the total cost of the construction.
Such projects are a brainchild of Crown Prince Mohammed bin Salman, a self-styled liberal change agent who is the chief architect of the sweeping “Vision 2030” reform programme.
Saudi Arabia has dazzled investors with several plans for hi-tech “Giga projects”, funding in part by its sovereign wealth fund, but some sceptics question their viability in an era of cheap oil.
The kingdom has unveiling blueprints to build NEOM; a mega project billing as a regional Silicon Valley, in addition to the Red Sea project, a reef-fringed resort destination both worth hundreds of billions of the dollars.
Analysts say the projects could create funding pressures at a time when the government faces a yawning budget deficit and growth in the kingdom’s non-oil economy is only slowly gathering pace.
The reform stems partly from an economic motive to increase domestic spending on entertainment as the kingdom has reeled from an oil slump since the year 2014.
Saudis currently splurge billions of the dollars annually to see films and visit amusement parks in nearby tourist hubs like Dubai and Bahrain.
In the month February, Saudi Arabia’s General Entertainment Authority announced it would stage more than 5,000 festivals and concerts in the year 2018, double the number of last year, and pump $64 billion in the sector in the coming decade.
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