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This is why Saudi Arabia could be the next film capital

A recent report reveals that Saudi Arabia's cinema industry experienced a 30% growth in the second quarter of 2023 compared to the same period last year

This is why Saudi Arabia could be the next film capital
[Source photo: Anvita Gupta/Fast Company Middle East]

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Saudi Arabia’s movie and entertainment industry has undergone remarkable growth and transformation in recent years. Aligned with the Vision 2030 initiative, which aims to diversify the economy and foster cultural development, this sector has emerged as a prime area for investment and expansion.

According to a PwC report, the revival of cinemas in Saudi Arabia represents an economic opportunity that has yet to be fully explored. With a projected population of over 39 million by 2030, the country has the potential to accommodate approximately 2,600 screens, indicating significant room for growth in the industry.

According to a recent report from the Ministry of Commerce, Saudi Arabia’s cinema industry witnessed a 30% growth in the second quarter of 2023 compared to the same period in the previous year. This significant increase reflects the ongoing transformation of the country’s entertainment sector. The report, featured in the Business Sector Bulletin for the second quarter, highlighted the issuance of 1,700 commercial registers in the film production sector, marking a notable rise from the 1,300 registers issued during the corresponding quarter of the previous year.

The report offers detailed data on commercial registers across various regions, with Riyadh registering the highest number at 953, followed by Makkah with 501, and the eastern region with 155. Furthermore, Madinah and Qassim recorded 51 and 22 commercial registers, respectively. These figures highlight the distribution of activity in the cinema industry among different regions of Saudi Arabia.

Saudi Arabia’s film industry has made remarkable progress in recent years and achieved international acclaim at prestigious film festivals worldwide.

At the Cannes Film Festival in May, the Cultural Development Fund of Saudi Arabia unveiled a film sector fund worth $100 million. The fund is specifically designed to support and foster the development of the local film and media industry, indicating the country’s commitment to nurturing its cinematic growth.

Saudi Arabia’s movie and entertainment industry will continue evolving and expanding. With ongoing investments, collaborations with international partners, and support for local talent, the kingdom is poised to become a prominent player in the global entertainment landscape.

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