The General Entertainment Authority has nominated 22 startups for the first Entertainment Business Accelerator, which aims to provide support for entrepreneurs interested in the sector.
The authority launched the business accelerator on Feb. 26, in a step that seeks to empower local competencies and emerging projects, given the unprecedented leap in recreational activities, in line with the Kingdom’s trends to diversify sources of income and increase non-oil revenues.
The program is intensifying its services for a period of 12 weeks, and aims to raise local competencies and empower entrepreneurs and startups in the field of entertainment by offering them workshops and guidance, and connecting them to a wide network of investors in the sector.
Entertainment projects in Saudi Arabia have proven their success in diversifying sources of income and increasing contribution to the gross domestic product, in addition to creating a number of jobs for male and female citizens.
The Business Accelerator program will enable startups to expand their business in the field of entertainment, by competing to provide the best quality of services in line with the government’s ambition and create multiple jobs for Saudis, in addition to diversifying sources of income and raising the sector’s contribution to the gross domestic product.
Observers believe that the program will contribute to raising local competencies and enhance the Kingdom’s readiness to host major entertainment projects.
Turki Al-Sheikh, Chairman of the Board of Directors of the General Entertainment Authority, said in earlier remarks that with the support of Crown Prince Mohammad bin Salman, entertainment events held by the Authority from 2019 until the first quarter of this year attracted more than 120 million visitors - a record number that highlights the government’s interest in this vital and promising sector.
