Page 14 - LOGIC Consulting PR Report JUNE - JULY 2024

8/7/24, 1:33 PM Riyadh Daily

Mostafa El Ghorab, Senior Partner and Managing Partner KSA LOGIC Consulting

Riyadh "Riyadh Daily"
LOGIC Consulting Study Highlights Significance of Entertainment and Cultural Sectors in
Diversifying Saudi’s Economy

LOGIC Consulting, a leading EMEA consulting firm, conducted a study titled ‘The Evolution of Saudi Arabia's Culture and Entertainment
Sectors: Transformational Progress Towards Vision 2030,’ underscoring the significance of cultural and entertainment sectors in
diversifying the economy and driving the non-oil economy in line with Saudi Vision 2030.

Mostafa El Ghorab, Senior Partner and Managing Partner KSA LOGIC Consulting, highlighted the four main focus areas of the study: 'A
Comprehensive Look at the Evolution of Saudi Arabia's Cultural and Entertainment Sectors,' 'The Impact of Cultural and Entertainment
Sector Growth on the Tourism Industry,' 'Institutional Frameworks for Both Sectors,' and 'Balancing Public and Private Funding for
Financial Sustainability in the Cultural Sector'. These key areas underline Saudi Arabia's progress in its cultural and entertainment
sectors, positioning them as pivotal to achieving the Saudi Vision 2030. The study underscores the role of these sectors in diversifying
the economy away from oil dependence and significantly contributing to the national GDP, while also playing crucial roles in sustainable
economic development.

Regarding the cultural sector, El Ghorab added: “Saudi Vision 2030 focuses on three key elements: a vibrant society, a thriving
economy, and an ambitious nation. The vision's objectives for the cultural sector include preserving and promoting the Islamic, Arab, and
national heritage of the Kingdom. This will increase KSA’s contribution to arts and culture, developing and diversifying entertainment
opportunities to meet the needs of the population, as well as bolstering the Kingdom's position as a distinguished global destination for
tourism and culture."

The study highlighted the Kingdom's commitment to developing a sustainable entertainment sector that enhances the quality of life for
residents and visitors as well as elevates lifestyles across various regions of the Kingdom. This sector has become an economic driver
contributing to economic diversification. The study also pointed out Saudi Arabia's significant efforts in this sector, which has undergone
a profound transformation with rapid growth and an increasing number of entertainment events. The entertainment market reached
approximately SAR 8.7 billion in 2023, and projections indicate that the sector will grow at a compound annual growth rate of 10.44% to
reach a market size of SAR 14.4 billion by 2028.

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