Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
Qiddiya is one of several large-scale entertainment projects in the Kingdom, dubbed the ‘capital of entertainment, sports, and the Arts.’ there is no doubting its importance as one of the cornerstones of the sector. (Supplied)
Short Url
Updated 04 August 2024
Follow

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
  • Theme park has huge ‘disruptive potential’ across global industry

RIYADH: The cultural landscape of Saudi Arabia is being enriched as the entertainment sector undergoes significant expansion.

The ambitious Saudi Vision 2030, which strives to diversify the economy and increase global engagement, is the driving force behind this broader cultural transformation.

One prime example of the Kingdom’s initiatives aimed at propelling the entertainment sector is the Qiddiya giga-project.

Launched in 2018 under the leadership of King Salman bin Abdulaziz, Qiddiya is an emerging capital for entertainment, sports and culture that aims to build destinations, programs and initiatives based on the power of play that will enhance the quality of life of visitors and residents.

Qiddiya’s role in propelling the Kingdom’s entertainment sector

Qiddiya is just one of several large-scale entertainment projects in the Kingdom but, dubbed the “Capital of Entertainment, Sports, and the Arts,” there is no doubting its importance as one of the cornerstones of the sector.

Canadian company AtkinsRéalis is the lead design consultancy for the project, and the firm’s Global Director of Creative, Theming and Show Design Bradley Caruk set out his vision for Qiddiya to  Arab News.

“Having worked in the global entertainment industry for the past 25 years, I have learnt we are all the same. Everyone wants to have fun. With major innovative parks like Six Flags Qiddiya City, we have the unexpected – a fully immersive story-driven theme park experience,” he said.

Caruk added that the attraction will have “the world’s tallest, longest, fastest rides”, and said: “We even support the storyline further by including original music compositions.”

Sector expert Jamie Ryder, a partner at Entertainment & Media Industry Group at law firm Reed Smith, told Arab News that Qiddiya has a huge amount of “disruptive potential.”




Jamie Ryder

He said: “In terms of Qiddiya’s disruptive potential, this is immediately clear when considering the sheer scale of the development.  When complete, Qiddiya will be home to over 600,000 residents and aims to attract 48 million visits per year.”

Ryder continued: “In addition to the specific, innovative – and in the case of Dragon Ball theme park – world’s first attractions Qiddiya will host, the focus on ‘play’ throughout the development, and the ability to host major sporting and entertainment events in cutting edge venues means that Qiddiya’s disruptive potential is significant.”

Partnerships that Qiddiya has established with local or international entities

Of those collaborations and partnerships that have been announced so far, it is very easy to quickly see the alignment with various elements of the Vision 2030 as well as reflecting the fact that Saudi society is a young, connected and vibrant population.

Ryder highlighted the Dragon Ball theme park – based on the popular Japanese animated series – as something that will appeal directly to young people in the Kingdom and beyond.

“Anime is incredibly popular in KSA with Saudi reported as having the largest share of anime viewers worldwide,” he said, adding: “With the UAE second in the world rankings for anime viewership, this promises to be a popular attraction enticing tourists from across the region.”

Ryder also cited the Six Flags theme park being the first outside of the Americas appealing to both Saudi youth and visitors.

He said one of the jewels in the crown of Qiddiya will be the Speed Park Track, which garnered significant attention in the motor racing world when the design was unveiled. The attraction comes as the popularity of Formula 1 in the region grows.

“Add to this mix the cutting-edge mixed-use Prince Mohammed Bin Salman Stadium, and dedicated gaming and esports neighborhood, and it is clear to see how Qiddiya will offer world-class attractions and experiences to locals and tourists,” he said

Firms’ roles in supporting the Saudi’s vision of developing a world-class entertainment experience

Several firms in the industry recognize Saudi Arabia’s vision of developing top attractions and world-class entertainment destinations in line with the high bar set from the big parks that have been around for over 50 years.

From AtkinsRéalis point of view, Caruk emphasized that the company’s multi-disciplinary teams understand guests’ expectations and work towards exceeding those expectations.

“We work as one team, but there are hundreds of us taking a concept and turning it into a reality – all with a common goal to make experiences memorable and timely,” he said.

“When we hear the phrase ‘That was awesome, can we go back there again’ that’s when we know we’ve done something right. Nothing like witnessing guests leaving our designed theme park with a sense of awe and a desire to return. We expect to hear a lot of these reactions in the years to come,” Caruk added.




Bradley Caruk

He was keen to emphasize the pride his firm has in working on the project, saying: “Our commitment to Saudi’s Vision 2030 is unwavering, and we value our partnership with Qiddiya, where we contribute to creating unparalleled fun.”

Qiddiya’s alignment with the Saudi Vision 2030

There is no doubt that Qiddiya plays a major role in Saudi Arabia’s 2030 vision, aiming to become a leading destination for entertainment, work, sports and daily life.   

While economic diversification is at the heart of Vision 2030, promoting culture and entertainment in the Kingdom was included as one of the key goals for Vision 2030 when it was first announced in 2016.

A vibrant society, thriving economy, and an ambitious nation are three key pillars of the Vision.

From Reed Smith’s viewpoint, Ryder said: “As such, the role of Qiddiya is not just about economic diversification but, like so many of the projects in KSA, it is about enhancing the quality of life for Saudi citizens and tourists alike with Quality of Life also being one of the Vision 2023 key Vision Realization Programs.”

He added: “The Quality of Life VRP was launched in 2018 with the aim of transforming Saudi Arabia into a world-renowned sports and entertainment location, and a global tourism hotspot and there can be little doubt that Qiddiya is a key element of this program.”

From AtkinsRéalis’ perspective, Caruk believes Qiddiya City will be a “premier destination” for play, adding: “It has something for everyone – a rarity in this region. The complexity and diversity of experiences across the whole development are truly remarkable and will also set a precedent for future developments across the globe”.

He went on: “Today, entertainment is a multi-billion-dollar industry and Qiddiya will play a major role in helping realize people’s dreams. At AtkinsRéalis, we feel fortunate to be hands-on and part of this groundbreaking project.”


Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn

Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn
Updated 8 sec ago
Follow

Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn

Saudi Arabia’s POS transactions fluctuate in early September to reach $3.5bn
  • Spending in the education sector led the dip, recording the highest decrease at 43.6%
  • Spending on public utilities saw the second-largest decline at 25.1%

RIYADH: Saudi Arabia’s point-of-sale transactions dipped in the first week of September, dropping by 4.9 percent from the previous week to reach SR13.3 billion ($3.5 billion), with the education sector leading the decline.

The latest figures from the Saudi Central Bank, also known as SAMA, showed that spending in the education sector led the dip, recording the highest decrease at 43.6 percent, with total transactions reaching SR350 million.

This week marks the third time in a row the education sector witnessed a decrease in spending after surging for four consecutive weeks, coinciding with the start of the academic year on Aug. 18.

During the first week of September, spending on public utilities saw the second-largest decline at 25.1 percent to SR59 million.

Spending on culture and recreation recorded the third biggest dip with a 12.2 percent negative change, reaching SR293.4 million. 

Expenditure on miscellaneous goods and services recorded the smallest decline at 0.7 percent, reaching SR1.57 billion during this period. 

Saudis spent SR209.8 million on electronic and electric devices and SR1.92 billion at restaurants and cafes. These two sectors experienced the second and third smallest declines, dropping 0.8 percent and 1.3 percent, respectively.

Looking at the biggest value of transactions this week, the food and beverages sector saw the biggest share of the POS at SR2.10 billion, followed by restaurants and cafes and miscellaneous goods and services.

Spending in the top three categories accounted for 41.98 percent or SR5.6 billion of this week’s total value.

The most significant increase, at 7.8 percent, occurred in spending on jewelry, boosting the total to SR247.8 million. Expenditures on furniture came in second place, surging by 5.4 percent to SR309.3 million. In third place, hotel spending increased by 3 percent to SR245.3 million.

Geographically, Riyadh dominated POS transactions, representing 34.1 percent of the total, with spending in the capital reaching SR4.55 billion — a 4.6 percent decrease from the previous week. 

Jeddah followed with a 5 percent decline to SR1.82 billion, accounting for 13.6 percent of the total, and Dammam came in third at SR662.1 million, down 4.2 percent.

Tabuk saw the most significant decrease in spending, down by 9.9 percent to SR265 million. Buraidah and Abha also experienced downsticks, with expenditure dipping 7.9 percent and 7.7 percent to SR309.1 million and SR176.5 million, respectively.

In terms of the number of transactions, Makkah recorded the highest increase at 1.9 percent, reaching 8,613. Tabouk recorded the highest decrease at 2.7 percent, reaching 4,850 transactions.


Saudi Arabia calls for regional cooperation to tackle environmental challenges 

Saudi Arabia calls for regional cooperation to tackle environmental challenges 
Updated 30 min ago
Follow

Saudi Arabia calls for regional cooperation to tackle environmental challenges 

Saudi Arabia calls for regional cooperation to tackle environmental challenges 

RIYADH: Regional and international cooperation is pivotal in addressing environmental challenges, especially in rehabilitating degraded lands, according to Saudi Arabia’s vice minister of environment, water, and agriculture. 

Speaking at the 26th meeting of Gulf Cooperation Council ministers responsible for environmental affairs in Qatar, Mansour Al-Mushaiti emphasized that collaboration is essential to strengthen the resilience of drought-prone communities, as reported by the Saudi Press Agency. 

The Kingdom is leading environmental protection efforts in the region through the Saudi Green Initiative, which aims to protect 30 percent of the nation’s land and marine areas by 2030. 

Saudi Arabia’s National Environment Strategy provides a framework focused on conserving biodiversity, preventing land degradation, and advancing global coral reef research. 

During the meeting, Jasem Mohamed Al-Budaiwi, secretary-general of the Gulf Cooperation Council, noted that environmental protection and addressing climate change impacts have become core priorities for countries in the region. 

“On the international front, collective cooperation to address climate change and other environmental challenges has become essential among all countries, with GCC states actively contributing to global cooperation and providing solutions to mitigate the effects of climate change while preserving the environment,” Al-Budaiwi said in a statement. 

He added that GCC nations are working to enhance environmental policies, promote renewable energy, and reduce carbon emissions to strike a balance between development and environmental preservation. 

Saudi Arabia’s Al-Mushaiti urged GCC nations to ratify the Middle East Green Initiative Charter and set national targets for tree planting and land rehabilitation. He also called for greater support from national development funds for vegetation projects across the region. 

In May, Saudi Arabia committed $2.5 billion to the Middle East Green Initiative to further environmental sustainability across the region. 

Al-Mushaiti also noted that the upcoming COP16 in Saudi Arabia this December will play a significant role in advancing international efforts to reduce land degradation and combat drought. 

Earlier this month, during the 10th Regional Forum of the International Union for Conservation of Nature for West Asia, Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadhli highlighted the Kingdom’s environmental progress through the National Environment Strategy and the Saudi Green Initiative. 


Oil Updates – prices recover on hurricane supply disruption fears

Oil Updates – prices recover on hurricane supply disruption fears
Updated 11 September 2024
Follow

Oil Updates – prices recover on hurricane supply disruption fears

Oil Updates – prices recover on hurricane supply disruption fears
  • Hurricane Francine causes offshore production shut-ins
  • About 24 percent of crude production in US Gulf of Mexico shut
  • API shows weekly US crude, gasoline stockpiles fall

TOKYO: Oil prices climbed more than 1 percent on Wednesday, paring some of the previous day’s losses, as concerns about Hurricane Francine disrupting output in the US, the world’s biggest producer, outweighed worries about weak global demand.

Brent crude futures were up 84 cents, or 1.2 percent, to $70.03 a barrel at 10:04 a.m. Saudi time, while US crude futures were at $66.56 a barrel, up 81 cents, or 1.2 percent.

Both benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest since December 2021 and WTI falling to a May 2023 trough, after OPEC revised down its demand forecast for this year and 2025.

“The market rebounded autonomously as Tuesday’s drop was substantial,” said Yuki Takashima, economist at Nomura Securities, adding supply disruption fears from Francine also lent support.

“Still, downward pressure will likely continue in the near term as investors are worried about a slowdown in demand due to economic slowdown in China and the United States,” he said, adding he had this week lowered his forecast range for WTI for the rest of the year to $60-$80 from $65-$85.

Francine strengthened into a hurricane in the Gulf of Mexico, the US National Hurricane Center said on Tuesday, prompting Louisiana residents to flee inland and oil and gas companies to shut production.

About 24 percent of crude production and 26 percent of natural gas output in the US Gulf of Mexico were offline due to the storm, the US Bureau of Safety and Environmental Enforcement  said on Tuesday.

On Tuesday, OPEC cut its forecast for world oil demand to rise by 2.03 million barrels per day in 2024, from last month’s forecast for growth of 2.11 million bpd, it said in a monthly report.

OPEC also cut its 2025 global demand growth estimate to 1.74 million bpd from 1.78 million bpd.

But the US Energy Information Administration said on Tuesday global oil demand is set to grow to a bigger record this year while output growth would be smaller than prior forecasts.

Oil prices were also supported by a withdrawal in US crude inventories.

US crude oil stocks fell by 2.793 million barrels in the week ended Sept. 6 while gasoline inventories declined by 513,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Eleven analysts polled by Reuters estimated on average that crude inventories rose by about 1 million barrels and gasoline stocks fell by 0.1 million barrels..

China’s daily crude oil imports rose last month to their highest in a year, customs data and Reuters records showed on Tuesday, but that was still 7 percent less than a year ago and year-to-date imports are 3 percent less than the year before period.

That has led Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, to predict the market will remain bearish due to fears about slowing global demand, including China’s.


Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
Updated 11 September 2024
Follow

Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
  • Partnership with 1Link to enhance remittances and payment security
  • Pakistan has 120,541 point of sales machines, according to central bank data

KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.

The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into the South Asia country and encouraging digital transactions.

Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, based on central bank estimates.

Visa is investing in building digital payment infrastructure in the country, aiming to make digital payments less costly and more manageable.

Currently, Pakistan has 120,541 point of sales (POS) machines, according to central bank data.

Visa intends to significantly increase this number. 

“Some businesses have more than one POS machine. We’re aiming at ten-folding businesses’ acceptance (of digital transactions),” said Serhan.

The strategy involves technology that transforms phones into payment instruments and accepting various forms of payment, including QR and card tap. Visa aims to expand beyond large cities and mainstream businesses to include smaller merchants.

The 1Link deal aims to improve the process for sending and receiving remittances, including bolstering payments security, boosting such transactions via legal channels.

As one of the top remittance recipients globally, Pakistan relies heavily on funds from overseas Pakistanis, which constitute a vital source of foreign exchange and significantly contribute to the country’s GDP.

“We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan.

The partnership with 1Link will also enable 1Link’s PayPak cards to be accepted on Visa’s Cybersource Platform for online transactions, despite PayPak being a competitor in digital payments.

Pakistan signed a $7 billion bailout deal with the International Monetary Fund in July, which includes reforms such as raising revenue and documenting the economy.

“Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Serhan said. 


Standard Chartered starts custody services for digital assets in UAE

Standard Chartered starts custody services for digital assets in UAE
Updated 10 September 2024
Follow

Standard Chartered starts custody services for digital assets in UAE

Standard Chartered starts custody services for digital assets in UAE

DUBAI: Standard Chartered said on Tuesday it had begun offering digital asset custody services in the UAE, with Brevan Howard Digital, the crypto and digital asset division of the British hedge fund, as an inaugural client.

The emerging markets focused bank said it launched the business in the country because of its “well-balanced approach to digital asset adoption and financial regulation.”

“Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” Brevan Howard Digital CEO Gautam Sharma said in a joint statement.

The UAE has been working hard to attract some of the world’s biggest crypto firms, luring business from Binance, OKX, among others. It has also been trying to develop virtual asset regulation to attract new forms of business.

It has also managed to attract big hedge funds.

Standard Chartered is among several banks that have been extending their foray into the crypto sector as more institutional investors adopt the asset class.