Interview: Turki Alalshikh
How are ongoing developments in the entertainment industry improving the business and investment climate in the Kingdom?
TURKI ALALSHIKH: The entertainment sector is witnessing significant developments, which is largely reflected in the business environment in Saudi Arabia. The countless opportunities in the sector are attracting local and foreign companies, and acting as a catalyst for the sector’s growth and sustainability. To enhance the level of investment in the sector, we aim to create more opportunities and provide facilities for small and medium-sized enterprises (SMEs) to strengthen their presence in the sector. We enabled more than 1500 companies to participate in Riyadh Season 2021, one of the projects directed by the GEA.
Which mechanisms can be implemented to catalyse development of the entertainment sector?
ALALSHIKH: As the regulator and legislator of the entertainment sector in Saudi Arabia, the GEA seeks to promote opportunities by facilitating business for investors and companies operating in the sector, and promoting the use of technology to ensure the best results. SMEs can take advantage of the investment opportunities being offered by the GEA to continue their growth and maximise returns.
In order to assist SMEs, the GEA organises incubators and accelerator programmes, and provides services that help these organisations obtain licences online and access financing. It also engages SMEs in the operation of entertainment events. In addition, the GEA offers many investment opportunities and services at event sites and in entertainment cities, including crowd management, operation of entertainment centres, event organisation and ticket sales. It also provides significant job opportunities. During Riyadh Season 2021, held in Riyadh from October 2021 to March 2022, the GEA created more than 84,000 direct jobs, while indirect jobs exceeded 108,000.
Where do you identify areas for future development in the entertainment sector?
ALALSHIKH: The entertainment sector in Saudi Arabia is one of the fastest growing in the world. It has accomplished many tangible achievements over the past few years, including establishing many entertainment cities and centres, and introducing a wide range of diverse entertainment options. Moreover, the number of visits to entertainment events reached record numbers: Riyadh Season 2021 saw more than 15m visitors, including 1.3m foreign travellers from all over the world. This highlights the significant growth in the sector and the importance of developing entertainment events, cities and centres.
What more can be done to promote the creative arts as a viable career path for local talent?
ALALSHIKH: The GEA supports young talent in all spheres, including creative fields. It provides opportunities, programmes and initiatives to enable emerging talent to develop their skills, including the Creative Journey Around the Kingdom Programme, now in its second season. The programme selects young and ambitious talent to participate in more than 13 creative fields such as filmmaking, music and the performing arts. Such events help accelerate the contribution of young talent to a sustainable entertainment industry.
To what extent will the growing entertainment market impact development in the local tourism industry and help to meet Vision 2030 goals?
ALALSHIKH: Entertainment activities play a significant role in attracting leisure tourists from other countries. Therefore, there is a strong reciprocal connection between the entertainment and tourism sectors. The government’s programmes and initiatives are designed to contribute to tourism objectives, improve and enrich the tourist experience, and achieve significant development goals in line with the targets of Vision 2030.
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