King Abdullah Economic City to exploit entertainment boom in Saudi Arabia: Chief Fahd Al-Rasheed

King Abdullah Economic City to exploit entertainment boom in Saudi Arabia: Chief Fahd Al-Rasheed. (Ali Khamg)
Updated 12 April 2018

King Abdullah Economic City to exploit entertainment boom in Saudi Arabia: Chief Fahd Al-Rasheed

  • Social and cultural aspects of the changes underway in Saudi Arabia were as significant as the economic transformation: Al-Rasheed
  • Music and other entertainment events had been behind the recent boom in visitors to KAEC

The King Abdullah Economic City (KAEC), the multibillion-dollar development on Saudi Arabia’s Red Sea coast, intends to exploit the opportunities presented by the Kingdom’s booming entertainment sector, the city’s chief executive said on Wednesday.

Speaking at the opening session of the Top CEO 2018 forum, Fahd Al-Rasheed said the social and cultural aspects of the changes underway in Saudi Arabia were as significant as the economic transformation, and that the KAEC could expect big commercial and financial benefits from the shift toward leisure and entertainment.

“All round the world, entertainment creates big economic benefits. KAEC wants to take part in that,” he said, speaking at the Bay La Sun Hotel resort-based event, adding that 10 million square meters of the KAEC area had recently been designated as land for entertainment development.

“We have one of the top maritime ports in the world, we have big oil and gas facilities, but you have to give people what they want,” he said.

Al-Rasheed, who has been the CEO of KAEC since it was launched in 2005, said that music and other entertainment events had been behind the recent boom in visitors to the 67 square mile development an hour’s drive outside Jeddah.

In 2015, there were just 10,000 visitors, but in 2017 the figure leaped to 370,000 for ticketed events, lured by new hotel and marina facilities as well as music concerts.

KAEC is planned as an industrial, commercial and residential development beside a new port on the Red Sea, but leisure and cultural aspects have been increasingly emphasized as part of the Kingdom’s commitment to social development under the Vision 2030 plan.

Al-Rasheed said entertainment was a significant factor in the economies of countries such as Britain, South Korea and China, but especially in the US, where 44.5 percent of total employment is related to the entertainment business, which generated $700 billion of value to America’s gross domestic product.

He also pointed out that many companies in entertainment were small-to-medium enterprises, which are a focus of the Saudi economic transformation, which aims to encourage entrepreneurship.

Al-Rasheed said big developments such as Neom, the $500-billion giga-project at the northern end of the Red Sea, were needed to accommodate the booming Saudi population.


2 more Houthi drones shot down by Saudi-led Coalition forces

Updated 26 August 2019

2 more Houthi drones shot down by Saudi-led Coalition forces

  • Three drones, six ballistic missiles launched toward Saudi Arabia by Houthis in a span of 24 hours
  • All six missiles and three drones were shot down by Coalition air defenses

JEDDAH: Two more drones launched by Houthi "terrorists" from Sanaa toward Saudi Arabia were shot down early Monday, the ninth hit in a span of 24 hours, Coalition forces supporting Yemen's legitimate government said .

In a statement carried by the Saudi Press Agency (SPA), coalition spokesman Colonel Turki Al-Maliki said the two drones were intercepted and shot down in Yemeni airspace by Saudi-led air defense forces.

On Sunday evening, six ballistic missiles fired from Yemen were also intercepted by the coalition as they headed towards Jazan in south-west Saudi Arabia.

Al-Maliki said the missiles were launched by Houthis from Saada province "in an attempt to target civilian and civilian installations in Jazan city.” 

Earlier on Sunday, the coalition shot down a Houthi drone targeting the Saudi city of Khamis Mushayt, state news agency SPA reported.

The drone attack targeting Khamis Mushayt, state was the second on the city in recent days. 

Earlier this month, 10 drones attacked the Shaybah natural gas liquefaction plant in Saudi Arabia near the UAE border. The attack caused no injuries and did not disrupt operations, Saudi Arabia said.

Al-Maliki said the attacks reflect the size of the Houthi’s losses on the battlefield in Yemen as a result “of the continuing military operations deep inside Saada governorate.”

"All attempts by the Iranian-backed terrorist Houthi militia to launch drones are doomed to fail and the coalition takes all operational procedures and best practices of engagement rules to deal with these drones to protect civilians," Al-Maliki said.