Latest news with #DevanshuMathur
Arabian Business
06-02-2025
- Business
- Arabian Business
Saudi Arabia eyes theme park boom as it looks for slice of global $70bn market to fuel tourism growth
Saudi Arabia's entertainment parks sector is experiencing rapid growth, fuelled by strategic national objectives to diversify the economy and position the Kingdom as a leading entertainment destination. A report by Boston Consulting Group (BCG) highlights the high level of interest in theme and water parks among Saudi residents, with two-thirds eager to visit these attractions. This enthusiasm fuels a promising trajectory for the Kingdom's entertainment ecosystem, designed to meet the aspirations of both residents and tourists through the development of over 10 new parks. Theme parks in Saudi Arabia Devanshu Mathur, Managing Director and Partner at BCG, said: 'These upcoming projects represent an ambitious leap forward. Interest in theme parks and water parks within Saudi Arabia is extreme, reflecting a local enthusiasm that underpins a promising future for the country's entertainment ecosystem. 'With over 10 new parks in development, many in partnership with global brands, Saudi Arabia is creating world-class experiences, positioning the Kingdom as a top-tier destination for visitors from around the globe.' The global entertainment park industry, valued at approximately $70bn, is projected to grow at a 5 per cent compound annual growth rate (CAGR) over the next decade. According to the report, diverse global market trends are reshaping entertainment offerings, visitor experiences, and industry operations, driving the sector into a dynamic period of expansion. For example, entertainment parks worldwide are adopting sophisticated and gamified experiences and leveraging IP partnerships to elevate guest experiences—an approach that Saudi Arabia is incorporating across its emerging entertainment ecosystem. Devanshu Mathur, Managing Director and Partner at BCG, said: 'Saudi Arabia's approach exemplifies a forward-thinking model for entertainment, ensuring that these developments not only satisfy local demand but set a benchmark in the industry. 'Building on that, Saudi Arabia is capitalising on global trends by partnering with renowned IPs and diversifying offerings with retail and hospitality to go beyond traditional entertainment. 'This aligns with a global shift, as IP-themed hospitality has grown at a 20 per cent CAGR over the past 20 years, enhancing both in-park and nearby offerings. 'Survey data also supports this, with 40 per cent of respondents expressing strong interest in staying overnight at nearby hotels after a full day at the park.' New developments in Saudi Arabia, including Six Flags and Aquarabia at Qiddiya, are expected to set new regional standards. These parks, which feature an extensive array of attractions, immersive experiences, dining, and retail options, will deliver comprehensive visitor experiences to meet the expectations of both local and international audiences. BCG's report reveals the vast potential of Saudi Arabia's entertainment parks sector, fuelled by strong local demand and a growing interest among residents to enjoy similar attractions within and abroad. With over ten new parks in the pipeline, Saudi Arabia has the potential to stay at the forefront of the industry by continuously embracing global trends that will capture both local and international audiences for years to come. Devanshu Mathur said: 'Although the entertainment parks industry in Saudi Arabia is experiencing rapid growth, it remains underdeveloped in certain regions, creating an ideal opportunity to expand accessibility and reinforce the Kingdom's standing on the global stage. 'Survey data reveals that 90 per cent of respondents express interest in visiting a theme park or water park at least once a year if available in their city, and 67 per cent are willing to visit multiple times. 'This momentum is set to drive economic growth, stimulate local tourism, and firmly position the Kingdom as a premier leisure destination, delivering unparalleled experiences for a diverse and growing audience.'
Leaders
06-02-2025
- Business
- Leaders
Saudi Arabia to Become Global Leader in Entertainment Parks: Report
Saudi Arabia's entertainment parks sector is booming, fueled by Vision 2030 goals to diversify the economy and boost tourism. The Kingdom is rapidly emerging as a dominant force in the global entertainment parks industry. Boston Consulting Group (BCG) recently released a report titled 'Entertainment Parks Industry: Trends & Opportunities for Saudi Arabia.' The report highlights Saudi Arabia's ambitious plans to diversify its economy with entertainment parks playing a central role in this strategy. The report revealed that two-thirds of Saudis express enthusiasm for visiting theme and water parks, signaling robust local demand. Over 10 new parks are underway, positioning the Kingdom as a global entertainment powerhouse. Global Trends Meet Local Ambitions The $70 billion global entertainment park industry grows at 5% CAGR, driven by tech innovation and immersive experiences. Saudi Arabia now integrates gamified attractions, IP partnerships, and themed hospitality, mirroring global trends. 'Saudi's strategy blends local demand with global benchmarks,' Managing Director and Partner at BCG, Devanshu Mathur, said. Innovative Projects and Developments Projects like Six Flags Qiddiya and Aquarabia promise groundbreaking rides, themed zones, and retail-dining hubs. NEOM recently partnered with Warner Bros. Discovery to launch immersive attractions, amplifying Saudi's appeal. These ventures align with a 20% Compound Annual Growth Rate (CAGR) in IP-themed hospitality, enhancing overnight stays for 40% of visitors. BCG data shows 90% of Saudis would visit local parks yearly, with 67% open to repeat visits. This demand could spur job creation, tourism growth, and $1.2 billion in annual revenue by 2030. Mathur noted, 'Expanding regional access will solidify Saudi's global standing while boosting GDP.' Market Impact and Future Outlook Upcoming projects in Riyadh, Jeddah, and Al Khobar aim to bridge this divide. By leveraging partnerships and tech like VR, Saudi Arabia aims to rival Orlando and Dubai, attracting 30 million annual visitors by 2030. Survey data reveals that 90% of respondents visit parks annually, while sixty-seven percent plan multiple trips for immersive experiences. The Kingdom continues investing billions in infrastructure, technology, and innovative projects that align with Vision 2030 objectives and market trends. New park developments include record-breaking roller coasters, interactive water rides, and diverse attractions that appeal to families and thrill-seekers alike. With strategic investments and global collaborations, Saudi Arabia's entertainment sector is set to redefine leisure tourism, delivering unmatched experiences for a diverse, tech-savvy audience. Ultimately, the Kingdom emerges as a premier entertainment hub that inspires innovation, drives economic growth, and strengthens the Kingdom's status. Short link : Post Views: 19
Zawya
06-02-2025
- Business
- Zawya
Saudi Arabia is poised to become a key player in the global entertainment parks industry, BCG report reveals
60% of Saudi residents have visited a Theme Park or Water Park while traveling abroad, showing local demand. Saudi Arabia is poised to launch multiple entertainment concepts and parks across the Kingdom, tapping into both local and global tourism. Partnerships with global brands like Transformers, Hot Wheels, Six Flags, and Dragon Ball will introduce world-class attractions, setting new standards for entertainment and tourism. Riyadh – Saudi Arabia's entertainment parks sector is experiencing rapid growth, fueled by strategic national objectives to diversify the economy and position the Kingdom as a leading entertainment destination. A recent report by Boston Consulting Group (BCG), titled Entertainment Parks Industry: Trends & Opportunities for Saudi Arabia, highlights the high level of interest in theme and water parks among Saudi residents, with two-thirds eager to visit these attractions. This enthusiasm fuels a promising trajectory for the Kingdom's entertainment ecosystem, designed to meet the aspirations of both residents and tourists through the development of over 10 new parks. 'These upcoming projects represent an ambitious leap forward,' said Devanshu Mathur, Managing Director and Partner at BCG. 'Interest in Theme Parks and Water Parks within Saudi Arabia is extreme, reflecting a local enthusiasm that underpins a promising future for the country's entertainment ecosystem. With over 10 new parks in development, many in partnership with global brands, Saudi Arabia is creating world-class experiences, positioning the Kingdom as a top-tier destination for visitors from around the globe.' Global and Regional Market Dynamics The global entertainment park industry, valued at approximately USD 70 billion, is projected to grow at a 5% compound annual growth rate (CAGR) over the next decade. According to the report, diverse global market trends are reshaping entertainment offerings, visitor experiences, and industry operations, driving the sector into a dynamic period of expansion. For example, entertainment parks worldwide are adopting sophisticated & gamified experiences and leveraging IP partnerships to elevate guest experiences—an approach that Saudi Arabia is incorporating across its emerging entertainment ecosystem. "Saudi Arabia's approach exemplifies a forward-thinking model for entertainment, ensuring that these developments not only satisfy local demand but set a benchmark in the industry," added Devanshu Mathur, Managing Director and Partner at BCG. 'Building on that, Saudi Arabia is capitalizing on global trends by partnering with renowned IPs and diversifying offerings with retail and hospitality to go beyond traditional entertainment. This aligns with a global shift, as IP-themed hospitality has grown at a 20% CAGR over the past 20 years, enhancing both in-park and nearby offerings. Survey data also supports this, with 40% of respondents expressing strong interest in staying overnight at nearby hotels after a full day at the park." New developments in Saudi Arabia, including Six Flags and Aquarabia at Qiddiya, are expected to set new regional standards. These parks, which feature an extensive array of attractions, immersive experiences, dining, and retail options, will deliver comprehensive visitor experiences to meet the expectations of both local and international audiences. Future Trends and Evolving Ecosystem in KSA BCG's report reveals the vast potential of Saudi Arabia's entertainment parks sector, fueled by strong local demand and a growing interest among residents to enjoy similar attractions within and abroad. With over ten new parks in the pipeline, Saudi Arabia has the potential to stay at the forefront of the industry by continuously embracing global trends that will capture both local and international audiences for years to come. 'Although the entertainment parks industry in Saudi Arabia is experiencing rapid growth, it remains underdeveloped in certain regions, creating an ideal opportunity to expand accessibility and reinforce the Kingdom's standing on the global stage,' affirmed Devanshu Mathur, Managing Director and Partner at BCG. Survey data reveals that 90% of respondents express interest in visiting a theme park or water park at least once a year if available in their city, and 67% are willing to visit multiple times. This momentum is set to drive economic growth, stimulate local tourism, and firmly position the Kingdom as a premier leisure destination, delivering unparalleled experiences for a diverse and growing audience.' Download the publication here. About Boston Consulting Group Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact. To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.
