Top Opportunities for Foreign Firms in Saudi Media & Tourism Sectors
Explore top opportunities for foreign firms in Saudi Arabia’s booming media and tourism sectors fueled by Vision 2030 and major giga-projects.
The Saudi media sector is now a leading contender, commanding a 30% market share in the Middle East and North Africa (MENA) region and boasting a value of $4.6 billion (SAR 17.4 billion). Segments such as gaming and esports, as well as live events, continue to fuel the Saudi media sector’s growth.
Saudi Arabia’s Media Sector Growth and Its Ripple Effect on Tourism
As far as gaming goes, the thriving sector has become a tourism magnet, as validated by Saudi’s recent hosting of the Esports World Cup, which attracted 3 million visitors to Riyadh’s Boulevard City, surpassing the previous year’s total of 2.6 million.
The emerging media space plays a key role in strengthening the Kingdom’s entertainment and media sector, making it a major contributor to amplifying Saudi Arabia’s allure as a global tourist destination.
The debut of the esports Olympics in 2027 will also bring positive impact and impetus to the tourism industry.
With the support of government policies and policy improvements, the competitiveness of Saudi game products has been notably increased, with strong potential for further expansion. It is worth noting that the Kingdom is now home to the region’s first “AAA” game development, attracting more global gaming giants from overseas markets.
The echoes of this media revolution are being felt far beyond the confines of the digital realm, particularly in the tourism sector. The Kingdom’s investments in entertainment infrastructure, including cinemas, theme parks, and cultural festivals, are generating ripple effects in hospitality, dining, and retail.
Events like Riyadh Season, an annual extravaganza of entertainment and sports, have drawn millions of visitors from around the world, bolstering hotel occupancy rates and injecting vitality into the retail and restaurant sectors.
While the country has already reached its target of 100 million tourists in 2023, a goal initially set for 2030 as part of the Vision 2030 program, Saudi Arabia has adopted a new target: to reach over 150 million tourists by 2030. Prestigious events like the 2029 Asian Winter Games and the FIFA World Cup 2034 are expected to be major facilitators in meeting the 2030 goals.
These two industries—gaming and events—are changing Saudi Arabia’s media economy and making it a leader in entertainment and tourism worldwide.
Synergy Between Entertainment, Media, and Tourism: A Catalyst for Investment
The expansion of the event industry continues powering new ways of doing business across and within the ecosystem, which brings added growth opportunities for global enterprises.
Seeing the opportunity, ES:ME, a global leader in event engineering and rigging, has set its sights on establishing a stronger, on-the-ground presence in Saudi. The global company brings comprehensive technical expertise to events, including audio, lighting, video integration, rigging, and scenic design. ES:ME also provides on-site maintenance and technical consultancy, offering end-to-end solutions for event organizers seeking seamless execution.
The intertwined relationship between Saudi Arabia’s growing entertainment and media sectors and its rapidly expanding tourism industry presents fertile ground for international companies seeking lucrative opportunities.
Providing a jolt to the event industry is the opening of new entertainment venues, facilitated by governmental initiatives such as the SEVEN (Saudi Entertainment Ventures) initiative. It typically involves a $13 billion investment to develop 21 entertainment destinations across 14 cities. These destinations will include theme parks, cinemas, family entertainment centers, and over 150 entertainment areas.
One of SEVEN’s developments is the $347.8 million project to construct a year-round tourism destination in Asir, spanning 79,000 square meters and inspired by the region’s urban identity.
Other vertical initiatives include MISA’s collaboration with GEA and Nawaar Entertainment, which aims to develop a series of entertainment and aquatic parks. The first such park in Riyadh is scheduled to open in 2025.
The influx of tourists driven by the growth of entertainment and media necessitates a parallel expansion in hospitality and tourism services. International hotel chains, luxury resort developers, travel agencies specializing in curated experiences, and providers of high-quality tourism services are well-positioned to capitalize on this demand.
