With consumer spending expected to reach SAR 36 billion by 2030, reliable sources revealed that Saudi Crown Prince Mohammed bin Salman (MBS) increased financial support for the Entertainment Authority.
Saudi Arabia officially launches a $233 million film sector financing program offering local & international film companies loans and investment, the sources added.
The initiative, with a portfolio of $233 million (879M Saudi Riyal), was first unveiled in early 2022 as part of the country’s $1.1 billion IGNITE Digital Content Program, then teased again during the Red Sea International Film Festival in Jeddah in December, which has hosted the Israeli director Yuri Singer.
This came while tension has been growing across the Kingdom over the severe cost-of-living increases.
Recent research by the Saudi Center for Opinion Polls indicates that the worsening economic situation dominated the Saudis’ duaa during the holy month of Ramadan.
The survey found that 34% of Saudis were making duaa to support their daily needs, while 12% were requesting employment during Ramadan prayers.
The poll’s findings confirmed the Kingdom’s rapidly declining economy and high unemployment rates.
Despite this growing economic crisis, MBS continues to spend heavy amounts of money on international entertainment and sports events.
Riyadh is now seeing more than $64 billion in entertainment investment, with a significant proportion of that going to the live music industry.
MBS is also spending $1 trillion to turn Saudi Arabia into a mass-market tourist destination. A nascent cruise sector, luxury Red Sea resorts and eco-lodges in the desert are all in the works.
MBS earlier declared the Red Sea Global with an archipelago of more than 50 untouched islands and the $8 billion Qiddiya entertainment megaproject.
He also bought shares valued at about half a billion dollars each in Facebook Inc. US:FB, Walt Disney Co.
He has also bought 8% stake in world’s biggest cruise operator Carnival for $370 million, while he is looking to expand its investments in Hollywood, with a reported bid to buy $12.5 billion Warner Music.
The shocking reports on MBS’s huge spending on entertainment projects have drowned sharp criticism among Saudis.
As high inflation continues to rise, social media activists have questioned MBS’ ambitious dreams and extravagance spending on imaginary projects that do not meet the Saudis’ demands for dignity
