Saudi Arabia’s events industry will contribute total economic impact worth SAR 66 billion (USD 17.6 billion) between 2023 and 2025. This huge figure demonstrates the spectacular emergence of the Kingdom as a global hub for events, business and investment.
Kingdoms Event Industry Being Classed As Transformative
The events business was discussed at the recently held Saudi Business and Investment Summit in Riyadh. It revealed that SAR 19.5 billion (USD 5.2 billion) was generated in direct spend and SAR 46.5 billion (USD 12.4 billion) in at-event transactions. It was noted that the ongoing scale of economic activity in the Kingdoms events industry can be classed as transformative. Accordingly, the sector is becoming a catalyst for diversification under Saudi Vision 2030 and showcases ability to host world-class experiences. For businesses eyeing the Saudi market, the encouraging forecast signals access to unprecedented opportunities across a variety of sectors.
Mega Sports Events Driving Industry
Notably, the Kingdom`s government has committed to investing in sports, thereby driving the events industry during the forecast period. According to Saudi Arabia events industry analysis, the market is segmented into type, revenue source, organiser and age group. Using the type metric, the market is divided into music concerts, festivals, sports, exhibitions and conferences, corporate events and seminars. On the basis of revenue source, it is segregated into ticket sale and sponsorship. Using the organiser category, it is divided into corporate, sports, education and entertainment. According to age group, it is broken down into below 20 years, 21 to 40 years and above 40. Most importantly, mega events including the upcoming FIFA World Cup, Expo and the Asian Games will attract a huge following. Sports events generate revenue through many streams including ticket sales, corporate sponsorships, hospitality, endorsements, advertisements, broadcasting rights, merchandise sales.
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