With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. The Kingdom is expected to be among the fastest-growing economies in the G20 in 2022 – and was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 G
Since its establishment in September 1932, the Kingdom has poured its considerable financial resources into a series of large-scale economic development, diversification and modernisation initiatives. Saudi Arabia has attracted international attention for the momentum of its socio-economic transformation, taking place under the auspices of the Vision 2030 development blueprint. Firming oil prices
Key initiatives include a privatisation programme which would see the divestment of a number of state-owned giants, such as the partial listing of Aramco, the creation of the world’s largest sovereign wealth fund and the increased participation of women in the job market. The Kingdom has played a key role too on the international stage in 2017, becoming the first country to host President Trump,
Television in Saudi Arabia is arguably facing its biggest shift in 25 years as more traditional broadcasters disrupt digital consumption patterns. Over-the-top (OTT) video streaming services, led by Netflix, have changed the business model for networks and television producers around the world. Certain Netflix content has been available to subscribers in Saudi Arabia since January 2016, and…
With more than SR3.3bn ($879.8m) in spending earmarked for culture and media by 2020, Saudi Arabia’s government is hoping to attract significant private sector investment in the development of its creative and entertainment industries. To this end, state agencies are working hard to encourage international investment, talent and media sector expertise in the Kingdom, and they aim to help…
Interview: Ghassan Al Shibl What do you see as the main digital trends in the Saudi media sector today? GHASSAN AL SHIBL: The current shift towards digital media creates an additional level of complexity for media companies as we must be at the forefront of change and break news before competitors. Access to digital media is much easier, it provides a global reach but also requires in-depth knowledge…
With more than SR3.3bn ($879.8m) in spending earmarked for culture and media by 2020, Saudi Arabia’s government is hoping to attract significant private sector investment in the development of its creative and entertainment industries. To this end, state agencies are working hard to encourage international investment, talent and media sector expertise in the Kingdom, and they aim to help develop…
While Saudi Arabia’s economy remains dominated by its hydrocarbons sector, several other sectors have emerged in recent years as key propellors of economic growth. The Kingdom’s financial services industries have continued to expand steadily despite the liquidity challenges posed by falling oil prices. Trade and investment are being treated as key priorities as the government looks to negotiat
For years there has been talk of establishing a media production city in Saudi Arabia, but recent comments by Adel Al Toraifi, the new minister of culture and information, appointed in early 2015, suggest these plans could be moving forward. The Kingdom’s new National Transformation Programme, released in June 2016, includes direct funding for the establishment of overseas media centres, as well…
Saudi Arabia’s media landscape is going through rapid change, primarily brought about by digital technology and the rise of social media. The internet penetration rate among Saudi nationals is estimated at around 93%, according to a 2016 joint study between Northwestern University in Qatar and the Doha Film Institute. At the same time, Saudi residents use social media for an average of five hours…