It would be an understatement to merely say that Saudi is growing, for it is growing exponentially.
The market dynamics evolving rapidly and transformation touching every business sector and every aspect of life, these are exciting times to be in the Kingdom and witness monumental changes unfold firsthand.
As an event marketer, I have had the privilege to be a part of some of the mega-events that have headlined the Kingdom and the region and provided a platform for global dialogue.
Is the Saudi POV different from the rest of the world? Definitely it is.
Saudi Arabia is exemplifying to the world how culture could be leveraged as a key pillar for economic diversification.
Contrary to the prevailing notion in other societies that culture is a barrier to innovation and economic progress, the Kingdom remains deeply entrenched in its culture and traditions while emerging as one of the fastest growing economies in the world, positioning itself as the new epicenter of global commerce.
Saudi Arabia is young country with 63 per cent of its population being under 30 years old. The youth of the nation celebrate its culture, while driving the change from within.
They are paving the way for fast paced and long-term changes to come into effect to benefit the country economically and socially.
Demand for experiences and events
The youth is also the force behind the ever-expanding trends of consumption and demand in the Kingdom. One such demand has been for international experiences through events, conferences, exhibitions, and festivals.
In 2023, Crown Prince of Saudi launched the Events Investment Fund (EIF) with an initial capital of $3.7 billion to boost the events, tourism, and entertainment sector.
Many new strategic partnerships and announcements have been made ever since to expand the sector. The creative industry is a crucial part of Vision 2030, and the culture sector is expected to generate over $20 billion in revenue.
The changing market ecosystem and the desire to compete on an international level has raised the bar for event planners and marketers in the region.
Human ingenuity and technological innovation are becoming intrinsic to creation of successful event journeys, and companies in the creative marketing sector are vying it out to gain footing in the growing events & conferences sector.
Enormous venues, exquisite designs, use of advanced technology, larger than life executions and the promise provided by EIF to build world class infrastructure, boost local industry, and create a means for sustainable economic diversification, together have created an advantageous position for the Kingdom and enhanced the confidence of the sector.
And the active willingness of the global industry to partake in the Kingdom’s vision for transformation has acted as the cherry on top.
Saudi progress and development on a world stage
In light of this emerging experiential demand, the Kingdom is also leveraging the events and conferences industry as a potent tool to showcase its impeccable culture and legacy to the world.
As Saudi Arabia invests $800 billion in developing the tourism sector, targeting 150 million visitors by end of the decade, culture and legacy take the centre-stage in marketing to the world the majestic land inhabited since antiquity.
The kind of development we are witnessing across the Kingdom towards preserving and promoting the heritage and cultural wealth, it is evident that the visionary leadership and great people of the nation take immense pride in their culture and consider it a key driver of progress, and not a hinderance.
The nation, with its rapidly surging socio-economic transformation and the momentum created thereof globally, has proven to the world that culture is not contradictory to progress, but rather drives it.
“Progress is not hindered by culture, but only furthered by it. Saudi Arabia stands testament to it.”
Be it industry, logistics, tourism, education, or sports, Saudi Arabia is making solid progress in every walk of human life and its socio-economic aspects.
As the Kingdom stands with open arms, welcoming the world to partner its transformation and experience the warmth of its hospitality and culture, the global nations are taking note.
Saudi Focus: Read more insights, opinions, and work from the Kingdom
Proof of it are the numerous international giants setting up their operations in the Kingdom, as well as KSA securing the rights to host prestigious global events such as Expo 2030 and FIFA World Cup 2034 among others.
Saudi Arabia is making headlines worldwide and gaining traction in lieu of the impact it is creating globally with its future forward approach and initiatives.
Keeping culture and traditions at the crux and embracing the modernisation of the 21st century, progress-backed optimism and a healthy appetite for change are clearly evident from the vantage point of Saudi Arabia.
By Bana Homad, Account Manager, Entourage
