Saudi PIF unit SEVEN to build theme parks and entertainment centers across the Kingdom

People gather at Riyadh Park Mall for the opening of a multiplex cinema. (Reuters)
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Updated 25 February 2020

Saudi PIF unit SEVEN to build theme parks and entertainment centers across the Kingdom

  • Plans include 20 entertainment destinations, 50 cinemas and two large theme parks in prime locations across the Kingdom
  • Each complex will feature several entertainment and leisure choices including cinemas, play areas, rides and F&B outlets

LONDON: The Saudi Entertainment Ventures Company (SEVEN) plans to develop theme parks and entertainment centers around the country.
Plans include 20 entertainment destinations, 50 cinemas and two large theme parks in prime locations across the Kingdom, the Public Investment Fund unit said in a statement on Tuesday.
Each complex will feature several entertainment and leisure choices including cinemas, play areas, rides, F&B, attractions and more. 
“We are committed to realizing the goals of Saudi Vision 2030 to accelerate the creation of world-class entertainment assets in the Kingdom that support economic diversification, create new jobs, and contribute to socio-economic progress,” said SEVEN Chairman Abdullah Al-Dawood. “Our complexes will position the Kingdom as an entertainment, culture and tourism hub of the region.”
The new attractions are planned for cities that include Jeddah, Jazan, Taif, Tabuk and Yanbu as well as the Holy Cities of Makkah and Madinah.
In the capital the entertainment center at Al Hamra will serve the densely populated suburbs of north east Riyadh, with some 2.5 million people living within a 30 minute drive. In Dammam and Al Khobar, SEVEN is also developing new waterfront attractions.
Entertainment is expected to be a key driver for Saudi economic growth over the next four years according to a report released this week by CBRE, the international real estate broker.
In addition to the new entertainment centers announced by the PIF, a number of other high-profile projects are underway, including the Qiddiya Entertainment City, The Red Sea Project, AMAALA, Al Ula, King Salman Park and Riyadh Sport Boulevard.
The retail and hospitality sectors are expected to benefit from the entertainment boom with total retail space in the capital expected to reach 3.5 million square meters (sq m) of gross leasable area by 2024. By 2024, Jeddah’s retail market is expected to witness considerable supply growth, reaching over 2 million sq m. 
As of 2019, the Kingdom received about 59 million tourist trips and these figures are expected to continue to increase to 100 million tourist trips by 2024.
“It is clear that Saudi Arabia remains one of the game changers in the entertainment sectors globally,” said CBRE MENAT Managing Director Nicholas Maclean.


Google Cloud prepares for Black Friday ‘peak on top of peak’

Updated 04 August 2020

Google Cloud prepares for Black Friday ‘peak on top of peak’

  • Cloud technology, used to host websites and store data, is a key part of many retailers’ e-commerce operations

OAKLAND, California: Alphabet’s Google Cloud unit is poised for a surge in fourth-quarter sales from US retailers, as they brace for record online shopping during the holidays because of COVID-19 lockdowns.
Cloud technology, used to host websites and store data, is a key part of many retailers’ e-commerce operations. As fees are often pegged to site traffic, a jump in activity will drive up revenue for the unit.
Carrie Tharp, vice president of retail and consumer at Google Cloud, said that her team had this year tossed out its linear growth model to predict how many servers it will need to process web orders for retailers around Black Friday.
“We’re planning for peak on top of peak,” she said on Monday. That could be a boon for Google Cloud, which has generated about 30 percent of its revenue during the fourth quarter the last two years.
Stores such as Kohls Corp. and Wayfair Inc. lean on Google months in advance to ensure it has enough servers to withstand increased shopping during holiday discount days such as Black Friday and Cyber Monday in November and December.
This year, Black Friday-style demand has flooded shops since March, when the United States began lockdowns, Tharp said.
Holiday shopping is expected to boost demand further, as retailers including Target Corp. and Walmart Inc. have said they will reduce in-store hours because of coronavirus concerns.
Tharp said the pandemic has already benefitted Google Cloud, with some retailers adopting its predictive algorithms years ahead of plan to help them work out the most efficient way of fulfilling orders.
Electronics retailer Best Buy Co., for instance, announced on Tuesday a multi-year deal to centralize customer and product data with Google Cloud to improve its loyalty program and online ad campaigns.
The companies declined to elaborate on the deal, but Tharp said she hopes it leads to Google eventually powering Best Buy’s web ordering system.