Rapid changes in the income diversification in the Saudi economy are a milestone in the indicators of the thorough transformation industry represented by Vision 2030 announced by the State and included a myriad of programs and initiatives.
What can be wagered on in this respect is the change in the traditional patterns prevailing since the inception of the Kingdom, whose main engine was oil. This does not tarnish that phase because the State by the time was under construction as focus was on infrastructure in all development sectors, let alone the numerous difficulties of transformation from a society that depends entirely on jobs and services provided by the State.
One other important thing in this connection is the readiness of Saudi citizens to have access into the essence of this transformation, especially that fulfilling their life necessities and personal goals is the key objective of any development plan or administrative or economic reform programs.
The entertainment industry, which has become one of the most remarkable features of the economic transformation industry in the Kingdom, has gone shortly through the stage of paperwork and become part of the engines of the process of diversifying the national income sources at the same pace in which the interests of Saudi households transformed inward in search of entertainment throughout the country after holiday seasons were just a gateway for the transfer of money abroad forever. This caused disruption of the economic cycle that suffered from the large money transfers of expatriate workers.
The Saudi Entertainment Ventures (SEVEN), wholly-owned subsidiary of the Public Investment Fund (PIF), is a living example of this transformation experienced by the national economy. Last week, it announced its intention to establish the first entertainment complex on an area of 100,000 square meters in the capital Riyadh, laying down the first foundations for its projects which are expected to serve more than 50 million visitors annually and provide more than 22,000 direct jobs, in addition to an important figure of 8 billion riyals, the volume of its contribution to the GDP by 2030.
These figures and this reality provide citizens with confidence and hope in the making of a future that differs from the stereotypy of the economic performance that they lived over decades and relied on a single resource that just talking about its depletion or imagining a technical boom that would change its position as a component of the global economy was frightening.