Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry
Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry/node/2580198/business-economy
Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry
The rapid progress of the entertainment sector aligns with the Kingdom鈥檚 Vision 2030 goals. Shutterstock
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Updated 21 November 2024
Nirmal Narayanan
Saudi entertainment sector to create 450,000 jobs by 2030: Investment ministry
Kingdom issued 34 investment licenses in the entertainment industry in the third quarter of the year
It also hosted 26,000 events in the past five years, attracting over 75 million attendees
Updated 21 November 2024
Nirmal Narayanan
RIYADH: 萝莉视频鈥檚 entertainment sector is expected to create 450,000 jobs and could contribute 4.2 percent of the country鈥檚 gross domestic product by 2030, according to a new report.聽
In its latest release, the Kingdom鈥檚 Ministry of Investment said that 萝莉视频 issued 34 investment licenses in the entertainment industry in the third quarter of the year, representing a rise of 13 percent compared to the previous three months.聽
The ministry added that the total number of investment licenses issued in the entertainment sector from 2020 until the end of the third quarter reached 303.聽
鈥淚n line with Saudi Vision 2030, 萝莉视频 aims to diversify its economy and enhance the quality of life by promoting tourism and Saudi culture internationally to attract visitors. The entertainment sector is a crucial pillar in achieving these ambitious goals, focusing on enhancing the quality of life through various cultural and entertainment activities,鈥 said the Ministry of Investment.聽
The rapid progress of the entertainment sector aligns with the Kingdom鈥檚 Vision 2030 goals, which are to reduce the country鈥檚 decades-long dependence on crude revenues.聽
In 2016, 萝莉视频 established the General Entertainment Authority to boost the entertainment and leisure industry. Since then, the Kingdom has witnessed notable developments, including reopening cinema halls in 2018.
According to the report, 萝莉视频 issued 2,189 licenses in the entertainment sector over the past five years.聽
The Kingdom also hosted 26,000 events in the past five years, attracting over 75 million attendees.聽
The ministry added that the growing entertainment sector is also catalyzing the growth of the tourism sector in the Kingdom.聽
The report said that the number of inbound tourists in the entertainment industry reached 6.2 million in 2023, representing a rise of 153.3 percent compared to 2022.聽
Inbound tourist spending in the entertainment industry reached SR4 billion ($1.07 billion) in 2023, a 29.03 percent rise from the previous year.聽
鈥淭he entertainment sector is a vital and dynamic part of the Kingdom, acting as a catalyst for the tourism sector. By hosting various events and activities, it boosts tourism and attracts visitors, resulting in higher tourism spending and strengthening the local economy,鈥 said the Ministry of Investment.
In 2023, the entertainment sector attracted 35 million local tourists, up 17 percent compared to 2022.聽
Local tourists鈥 spending in 2023 was SR4.7 million, representing a marginal decline of 8.5 percent from the previous year.聽
Startup Wrap:聽Saudi firms surge with AI, food tech, and fintech deals highlight ecosystem鈥檚 rapid ascent聽
Updated 1 min ago
Nour El-Shaeri
RIYADH: 萝莉视频鈥檚 startup ecosystem continues to gain momentum, with a surge of early- and growth-stage investments across technology-driven sectors including AI, food tech, logistics, and sports.
Kamco Invest has announced it acquired a stake in Foodics, a fast-growing restaurant technology and payments platform based in 萝莉视频.
The transaction, completed in the fourth quarter of 2024 but only now made public, aligns with Kamco Invest鈥檚 strategy to back high-growth, tech-enabled businesses in the Middle East and North Africa, particularly those with initial public offering potential.
Founded in 2014, Foodics serves over 33,000 restaurants with an annual gross merchandise value of over $10 billion in 2024.
The cloud-based platform offers an integrated solution for restaurant operators to manage orders, operations, finances, and access to capital through a single interface.
Kamco Invest Director of Private Equity Dalal Al-Shaya said: 鈥淲e are proud to back a regional tech champion like Foodics. Its scale, innovation, and strong investor base signal an exciting growth trajectory.鈥
The company is targeting a public listing on Tadawul within the next two to three years.
Foodics鈥 most recent $170 million funding round was led by Prosus and Sanabil Investments, a fund owned by the Public Investment Fund, with participation from Sequoia Capital India, STV, Raed Ventures, and Endeavor Catalyst.
Calo raises $39m in series B extension to fuel global growth
The Calo team. Supplied
Saudi food tech startup Calo has secured a $39 million series B extension led by AlJazira Capital, bringing its total series B funding to $64 million.
The latest round follows a $25 million tranche closed in December 2024 and was oversubscribed beyond the originally targeted $50 million due to strong investor interest.
Proceeds from the round will support Calo鈥檚 international expansion, continued product development, and integration of recently acquired UK-based meal subscription companies.
Calo, which delivered more than 10 million meals in 2024, reports high-growth, nine-figure annualized revenue and claims to be the world鈥檚 fastest-growing meal subscription service.
CEO Ahmed Al-Rawi said: 鈥淲e鈥檙e living in an interesting time where AI is transforming our lives, and we鈥檙e excited to be investing in cutting-edge innovation to explore how Calo can use AI to influence the future of how we discover and eat healthy food.鈥
The company acquired Fresh Fitness Food and Detox Kitchen to enter the European market and has since integrated both into its operations and technology stack.
Calo says it operates more than 10 physical locations across the GCC, including hospital-based outlets, and has launched operations in the UK and Oman.
Its customer base spans 萝莉视频, the UAE, and Bahrain, as well as Qatar, and Kuwait, with over 5,000 customers already on the waiting list in Oman, the company claimed.
In the first half of 2025, Calo said it achieved over 50 percent year-on-year growth, bolstered by a localization strategy that included the appointment of General Managers in each regional market.
Calo recently partnered with Armah Sports Co. to explore co-located retail outlets and wellness collaborations.
Armah鈥檚 founder, Fahad Al-Hagbani, has joined Calo鈥檚 board as an independent member. Calo remains headquartered in Riyadh and is planning for an IPO in 萝莉视频.
Flex League closes seed round to build unified racquet sports platform
Flex League currently serves nearly 10,000 players. flexibleleague.com
Flex League, a Saudi sports-tech company focused on padel and tennis, has raised a six-digit dollar seed round led by the Professional Tennis Academy and PAD-L Group.
The new capital will be used to develop a court booking system, support expansion into new Saudi cities and across the MENA region, and grow its team across engineering, product, and operations.
The platform currently serves nearly 10,000 players and allows users to join competitive leagues, book courts, and track match results.
It also offers court operators tools to manage tournaments and engage local sports communities.
CEO Ibrahim Akeel said: 鈥淲ith this investment, we鈥檙e creating a unified platform where players can compete, connect, and now book courts 鈥 all in one app.鈥
The company aims to drive deeper engagement in the region鈥檚 growing racquet sports ecosystem by blending digital matchmaking with physical play.
Sawt secures $1m to advance Arabic voice AI customer support
Sawt, a Saudi startup focused on Arabic-native voice AI systems, has closed a $1 million pre-seed round led by T2 and STV.
The funding will be used to enhance its proprietary models, scale its technical infrastructure, and grow its team as it prepares to serve millions of voice interactions.
The platform enables businesses to conduct customer support, bookings, and sales through AI voice agents that operate 24/7 with natural and intelligent responses.
In just two months since its launch, Sawt claims it served dozens of businesses and processed hundreds of thousands of calls.
Co-founder and CEO Abdulmalik Al-Saeed said: 鈥淲e鈥檙e proud to contribute to this movement by building Arabic voice technology from the ground up, right here in the Kingdom.鈥
STV General Partner Ahmad Al-Naimi added: 鈥淪awt exemplifies a new wave of Saudi AI-native ventures. With a strong tech edge and commercial momentum, they鈥檙e poised to lead the $800 million to $1.2 billion GCC AI call center automation market.鈥
Abdulkarim Al-Jarba, CEO of T2, noted that the investment supports T2鈥檚 strategy to deliver advanced technology solutions across its network.
OmniOps unveils platform to deliver sovereign AI inference services
Supplied
OmniOps has launched Bunyan, the Kingdom鈥檚 first sovereign Inference-as-a-Service platform.
The announcement follows a strategic meeting with the Minister of Communications and Information Technology, Abdullah Al-Swaha.
The platform supports AI applications in text, vision, and speech, with a focus on data sovereignty and enterprise-grade compliance.
CEO Mohammed Al-Tassan said: 鈥淏unyan delivers unprecedented performance improvements that revolutionize how organizations deploy and scale AI applications.鈥
He added that the platform has demonstrated efficiency gains, including a doubling of inference speed, over 50 percent reduction in energy use, and at least 40 percent lower latency.
Bunyan provides an end-to-end infrastructure stack with model deployment tools, support for NVIDIA and Groq hardware, and access to both public and private models.
It enables organizations to build AI-driven applications such as natural language chatbots, document summarization tools, and systems for rapid insight extraction from unstructured data.
Olivery secures seed funding from Ibtikar Fund and Flat6Labs Mashreq
Olivery, a B2B Software-as-a-Service company focused on digitising logistics operations, has raised seed funding from Ibtikar Fund and Flat6Labs Mashreq Seed Fund.
The platform allows logistics providers and merchants to manage order creation, routing, delivery, and customer engagement through a no-code/low-code interface.
Since its founding in 2020, Olivery has scaled to serve over 200 active clients across nine countries.
The company plans to use the new funding to expand regionally and roll out AI-driven features including predictive routing, automated data entry, and proactive customer support.
CEO Ram Merei said: 鈥淭ogether with Ibtikar and Flat6Labs, we鈥檙e delivering technology that allows national couriers and independent merchants alike to operate with the speed, transparency, and reliability that modern commerce demands.鈥
Ibtikar鈥檚 Managing Partner Habib Hazzan stated: 鈥淭heir platform is not only scalable and robust 鈥 it鈥檚 thoughtfully designed for the realities of local markets.鈥
Rasha Manna, general manager of Flat6Labs Mashreq Seed Fund, noted that the firm has backed Olivery from its earliest stages and remains committed to supporting its expansion.
Mataa closes seed round to expand Libya鈥檚 e-commerce infrastructure
Mataa, a Libya-based e-commerce platform, has completed its first seed investment round with backing from Libyan business angels.
The funding will be used to strengthen Mataa鈥檚 logistics network, expand its warehouse capacity, and onboard new suppliers and product categories.
Founder and CEO Ibrahim Shuwehdi stated that the round reflects growing investor confidence in Libya鈥檚 entrepreneurial potential and geographic advantage.
The company supports merchants in reaching over 6 million internet users and offers Facebook integration for easier product listing and reduced advertising costs.
鈥淭his round is not just a financial boost but a signal to the wider ecosystem to encourage more venture investment in Libyan startups and SMEs,鈥 Shuwehdi said.
Mataa is also looking to recruit experienced regional talent to support its long-term strategy.
Oil Updates 鈥 crude steadies as concerns about tariff impacts vie with Russian supply threats
Updated 32 min 57 sec ago
Reuters
HOUSTON: Oil prices were little changed on Friday after falling more than 1 percent in the previous session as traders digested the impact of higher US tariffs that may curtail economic activity and lower global fuel demand growth.
Brent crude futures were down 7 cents, or 0.1 percent, to $71.63 a barrel at 9:56 a.m. Saudi time. US West Texas Intermediate crude was down 10 cents, or 0.14 percent, to $69.16 a barrel.
Still, Brent prices are set to gain 4.9 percent for the week while WTI is set to climb 6.4 percent after US President Donald Trump earlier this week threatened to place tariffs on buyers of Russian crude, particularly China and India, to try to pressure Russia into halting its war against Ukraine.
鈥淲e think the resolution of trade deals to the satisfaction of the market 鈥 more or less, barring a few exceptions 鈥 has been the key driver for oil price bullishness in recent days, and further progress on trade talks with China in future could be a further confidence booster for the oil market,鈥 said Suvro Sarkar, energy sector team lead at DBS bank.
On Friday though, investors were more focused on Trump鈥檚 imposition of new, and mostly higher, tariff rates on US trading partners set to go into effect from August 1.
Trump signed an executive order on Thursday imposing tariffs ranging from 10 percent to 41 percent on US imports from dozens of countries and foreign territories including Canada, India and Taiwan that failed to reach trade deals by his deadline of August 1.
Some analysts have warned the levies will limit economic growth by raising prices, which could weigh on oil consumption.
On Thursday, there were signs that existing tariffs are already pushing prices higher in the US, the world鈥檚 biggest economy and oil consumer.
US inflation increased in June as tariffs boosted prices for imported goods such as household furniture and recreation products. This is supporting views that price pressures could pick up in the second half of the year and delay Federal Reserve interest rate cuts until at least October.
Maintaining interest rates could also impact oil as higher borrowing costs can limit economic growth.
At the same time, Trump鈥檚 threats to impose 100 percent secondary tariffs on Russian crude buyers have supported prices because of concerns that would disrupt oil trade flows and remove some oil from the market.
DBS鈥 Sarkar said that India鈥檚 slowing of Russian imports may lead to some supply curtailment, but that that would be mostly negated by Chevron resuming oil production in Venezuela, record US production, and growing US supply.
JP Morgan analysts said in a note on Thursday that Trump鈥檚 warnings to China and India of penalties on their ongoing purchases of Russian oil potentially put 2.75 million barrels per day of Russian seaborne oil exports at risk. The two countries are the world鈥檚 second- and third-largest crude consumers, respectively.
鈥淭he Trump administration, like its predecessors, will likely find sanctioning the world鈥檚 second-largest oil exporter unfeasible without spiking oil prices,鈥 the analysts said, referring to Russia.
Saudis to get more leadership roles as PepsiCo expands, says regional CEO
Updated 01 August 2025
Hind Al-Khunaizi
DHAHRAN: Food manufacturer PepsiCo will offer more leadership roles to Saudis, its regional CEO pledged at the inauguration of the SR300 million ($79.97 million) expansion of its Dammam facility.
Speaking to Arab News, Ahmed El-Sheikh explained how the company supports the Kingdom鈥檚 Vision 2030 economic diversification plan through three main areas 鈥 using local resources, Saudization, and increasing exports.
The announcement came during a visit to the site by Minister of Industry and Mineral Resources Bandar Alkhorayef, who praised the facility鈥檚 contribution to job creation, export growth, and the overall development of the food manufacturing sector in 萝莉视频.
The site serves as a key hub in the region, which supplies local markets and exports products to 20 countries across the Middle East.
The PepsiCo MENAP CEO said: 鈥淲e鈥檙e proud to say that 85 percent of our workforce at the Dammam plant are Saudi nationals, one of the highest rates across any of our facilities in the region. With 280 employees currently, this is just the beginning. We plan to grow even further.鈥
He added: "As we move toward greater digitization and automation, we鈥檙e also opening up more opportunities for Saudis to step into technical and leadership roles.鈥
Recent regulatory changes, which have been made possible through collaboration with the Kingdom鈥檚 Ministry of Environment and Agriculture, now permit PepsiCo to utilize locally grown potatoes for export.
This development has been described by Alkhorayef as a 鈥渟ignificant milestone鈥 for both local farming and policy reform.
鈥淚t demonstrates how we鈥檝e been able to work with PepsiCo over the last few years to ensure the entire supply chain, from farming to production and export, is well managed,鈥 the minister told Arab News.
鈥淎s a result of our success working as a team, we were able to amend the policy so that PepsiCo can now use Saudi grown potatoes for export,鈥 he added.
Bandar Alkhorayef cutting the ribbon on the Dammam facility. Supplied
Sustainability and resource efficiency were focal points during the visit, and Alkhorayef noted that the Kingdom now holds 鈥渁 record in terms of water efficiency in potato cultivation,鈥 a development he called inspiring, not only locally, but globally.
The Dammam plant sources 100 percent of its potatoes from Saudi farms, and uses local materials for secondary packaging, with 70 percent of primary packaging now locally sourced, a percentage PepsiCo aims to push to full localization.
PepsiCo operates in the Kingdom across 86 locations and employs nearly 9,000 people through direct and partner operations.
The company has opened a new regional headquarters in Riyadh鈥檚 King Abdullah Financial District, which will oversee operations across the Middle East, North Africa, and Pakistan, aligning with 萝莉视频鈥檚 Regional Headquarters Program.
Further investment is also planned, and El-Sheikh said: 鈥淚n addition to the SR300 million we鈥檝e just invested in the Dammam plant, we鈥檙e preparing to open a state-of-the-art R&D facility in Riyadh in just two months鈥 time.鈥
The center will cost SR30 million and serve as a hub for product and packaging innovations in the Gulf Cooperation Council region, according to a statement from PepsiCo released in April.
When it comes to employment, Alkhorayef stressed that Saudization is driven by data and standards.
鈥淭his plant is a great example. It has around 85 percent Saudization, and female participation is about 22鈥23 percent, with more than 25 percent women in the plant workforce itself. That鈥檚 a significant achievement.鈥
He added that the government takes a comprehensive approach to measuring local content, and went on to say: 鈥淏ut measurement is not the goal, it鈥檚 a baseline. The real goal is to use it as a foundation to increase both local sourcing and hiring.鈥
The Dammam plant is one of PepsiCo鈥檚 most advanced in the region, and features energy efficient heating, ventilation, and air conditioning systems, solar panels generating 510 megawatt-hour yearly, and uses recycled water in its processing systems.
These investments align with the sustainability goals in the Kingdom鈥檚 National Industrial Strategy.
Closing Bell: Saudi stock market ends the week in green聽
Updated 31 July 2025
Nour El-Shaeri
RIYADH: 萝莉视频鈥檚 Tadawul All Share Index ended the week on Thursday with a slight gain, rising 5.89 points, or 0.05 percent, to close at 10,920.27.
The total trading turnover reached SR4.38 billion ($1.16 billion), with 417.32 million shares traded. A total of 111 stocks advanced while 136 declined.
The MSCI Tadawul 30 Index also edged higher, adding 2.66 points, or 0.19 percent, to finish at 1,409.74.
On the Kingdom鈥檚 parallel market Nomu, the index advanced by 115.90 points, or 0.43 percent, closing at 26,924.98. Of the listed companies, 47 gained while 31 declined.
Sport Clubs Co. led the gainers, climbing 9.97 percent to SR11.25. They were followed by Al Babtain Power and Telecommunication Co., which rose 5.03 percent to SR56.40, and Bupa Arabia for Cooperative Insurance Co., which added 4.27 percent to close at SR168.60.
Miahona Co. and Saudi Azm for Communication and Information Technology Co. were also among the top performers, gaining 4.23 percent and 3.85 percent, to close at SR27.10 and SR29.66, respectively.
Saudi Steel Pipe Co. recorded the steepest decline of the session, falling 4.02 percent to SR51.30. It was followed by Yamama Cement Co., which dropped 3.8 percent to SR32.88, and Halwani Bros. Co., down 3.19 percent to SR42.42.
Arab Insurance Cooperative Co. and Astra Industrial Group also posted losses of 2.92 percent and 2.57 percent, respectively.
On the announcement front, Umm Al-Qura Cement Co. reported a 6.6 percent year-on-year decline in revenue for the first half of 2025, with sales amounting to SR122.5 million compared to SR131.2 million in the same period last year.
Net profit also dropped, falling 30.8 percent to SR20.8 million from SR30.1 million over the same period.
The company attributed the decline in revenue to a decrease in the average selling price per tonne.
The fall in net profit was linked to the lower sales value and a reduction in other revenues, despite a decline in general and administrative expenses, financing costs, and zakat.
Shares of Umm Al-Qura Cement Co. closed at SR15.61 on Thursday, down 0.32 percent.
Almarai Co. confirmed the completion of its acquisition of Pure Beverages Industry Co., following its initial agreement signed on June 15.
The company stated that the transaction reinforces its strategy to expand its beverage portfolio and strengthen its market presence, while supporting future growth plans.
Almarai added that the acquisition was finalized with no change to the previously disclosed cost of SR1.04 billion.
Shares of Almarai Co. closed at SR47.90 on Thursday, down 0.04 percent.
Oman joins World Free Zones Organization to shore more foreign investment
Membership will support efforts to improve operational efficiency and develop more targeted marketing strategies
It will also help improve competitiveness of territories OPAZ oversees
Updated 31 July 2025
Nadin Hassan
RIYADH: Oman鈥檚 free zones are set to attract greater foreign investment after signing up to a global network designed to boost the economic areas.
The Public Authority for Special Economic Zones and Free Zones said its membership in the World Free Zones Organization will help improve the competitiveness of the territories it oversees, including industrial cities and free zones, while opening new channels to promote them as flexible and investor-ready destinations with advanced infrastructure.
Free zones are designated areas that offer businesses incentives such as tax exemptions, full foreign ownership, and simplified customs procedures. These districts are designed to attract investment, boost exports, and support economic diversification by providing a competitive and flexible environment for companies to operate.
They are increasingly central to economies in the Middle East, with hubs like Dubai鈥檚 Jebel Ali, Riyadh鈥檚 Special Integrated Logistics Zone, and Egypt鈥檚 Suez Canal Economic Zone driving trade and investment.
鈥淭hrough this international partnership, the authority seeks to expand its network of economic relations and benefit from the latest global trends in the management and development of special economic zones, free zones, and industrial cities,鈥 Oman News Agency reported.
the Public Authority for Special Economic Zones and Free Zones has joined the World Free Zones Organization (World FZO), which includes more than 1,600 members from 140 countries.
This comes as Oman鈥檚 special economic zones attracted $43.16 billion in investments during the first half of 2023, driven by major projects in Sohar, Salalah, and Duqm, supported by a favorable investment climate fostered by OPAZ and the government鈥檚 diversification strategy.
By joining the organization, which brings together more than 1,600 zones and economic institutions from over 140 countries, the authority will be able to exchange expertise and strengthen its operational capabilities to keep Oman鈥檚 zones competitive globally.
The membership will also support efforts to improve operational efficiency and develop more targeted promotion and marketing strategies to attract high-value projects, ONA said.
The body currently oversees 23 operating special economic zones, free zones, and industrial cities across Oman. These districts attracted cumulative investments totaling approximately 21 billion Omani rials ($54.5 billion) by the end of 2024, reflecting their growing appeal to investors.
The World Free Zones Organization is a network that includes free zones, multinational corporations, and industry stakeholders committed to fostering global trade and investment.
Across the wider Middle East and North Africa region, free zones have become critical enablers of economic diversification and foreign direct investment.
The UAE is home to some of the most prominent examples, including Jebel Ali Free Zone, which hosts more than 9,000 companies, and Abu Dhabi鈥檚 Khalifa Industrial Zone, which supports large-scale manufacturing and logistics operations.
In 萝莉视频, the King Abdullah Economic City and the Special Integrated Logistics Zone in Riyadh have emerged as strategic hubs supporting Vision 2030 objectives, while Egypt鈥檚 Suez Canal Economic Zone has attracted global interest as a key gateway for trade and industry.
