Promoting Life Quality
The Kingdom of Saudi Arabia recognizes the importance of the sectors of entertainment, culture and sports, and their pivotal role as important and key sectors, both in terms of supporting the State's treasury or in terms of securing jobs for young people of both sexes.
Additionally, they play great part in beautifying and improving the general scene in the Kingdom as a state changing for the better every day, a matter that explains the official interest in these sectors combined, since the announcement of the Kingdom's Vision 2030 more than three years ago to the very moment.
These sectors received exceptional support, including the issuance of a royal decree by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz to establish an investment fund linked to the National Development Fund.
According to the royal decree, the fund is specialized in the sectors of entertainment, sports and tourism. It is a step to stimulate these vital sectors and develop them and support them with new innovative ideas to achieve the general objectives of Vision 2030.
These goals are and will be reinforced by the establishment of strategic partnerships to maximize the advantages of the targeted sectors and develop their goals.
Perhaps the organizational linkage of the announced investment fund with the National Development Fund, has an important significance, namely, pushing forward the sectors of culture, entertainment, sports and tourism, in a unique way, so as to make the most of them in a short period of time.
To ensure the sustainability of the fund, it was decided that it will be financed from the revenues of the Saudi Seasons.
At the same time, the expert body of the Council of Ministers is coordinating to prepare the necessary procedures to complete the necessary formalities related to the fund.
The Kingdom is living a new era in the tourism industry, entertainment and revitalization of culture, to achieve the goals of Vision 2030.
Therefore, the State is tending to discover its tourist cities and destinations that include many of the scenic coastal sites and distinctive heritage areas, which will push the Kingdom to be one of the most important tourist and entertainment attractions in the Middle East in a few years.
The entertainment and tourism sector is of great importance to the development of the local economy in diversifying sources of income, and increase the annual GDP, as it belongs to the third core sector of the economy which is the services sector, in addition to supporting small and medium enterprises and raising the proportion of foreign direct investment to generate jobs in the entertainment sector, and creating comprehensive and varied entertainment opportunities in line with global standards.
The new investment fund will ensure the financing of projects in these sectors and ensure the implementation of the plans and programs envisaged in Vision 2030.
His Crown Prince Mohammed bin Salman's presidency of this fund will enhance the success of the fund's programs and achieve its objectives and herald a bright future for the quality of life in the Kingdom.