The UAE’s leisure and entertainment sector is set to expand by a 9.73% compound annual growth rate (CAGR) through 2027, said Fever, a leading global live-entertainment discovery platform, citing market research firm MarkNtel Advisors.
This forecast is attributed to increased collaboration between digital service-providing companies and attraction sites in recent years including Expo 2020. Fever’s proprietary technology is contributing to bolstering the entertainment sector, both globally and regionally, and the emerging company explains that the country’s innovative leadership in this space will continue spurring significant economic benefits in forms such as travel and tourism.
The negative impacts of Covid-19 only reinforced the importance of diversification efforts. Governments in the Mena region have accordingly demonstrated strong support for entertainment in their broader economic transformation strategies to build non-oil sectors and nurture industries with high job creation potential. Qatar was expected to gross $20 billion from just the FIFA World Cup, contributing to 13.5% of its Gross Domestic Product (GDP) and creating 1.5 million jobs in 2022.
Saudi Arabia’s Vision 2030 is fostering similar support for its nation as the country has administered a $64 billion investment plan to ensure that its entertainment sector contributes 3% to the Kingdom’s GDP by the decade’s end while also creating 100,000 jobs for its people. Furthermore, the UAE is striving to see its entertainment industry make up 5% of the country’s GDP by 2026 while creating 16,000 jobs .
The Middle East is not the only region emphasizing greater importance on entertainment but it is poised to accelerate its recovery with billions of dollars being invested into new or refined entertainment and leisure destinations .
As it pertains to the UAE, there has been a rising inclination to build unique destinations that embody futuristic elements, such as the Museum of Future which launched in February 2022. This has opened a gateway for enormous potential which is continually being supported by forward-thinking initiatives. Sheikh Mohammed bin Zayed Al Nahyan recently established a National Media Office to continue nurturing the country’s media landscape . The entertainment sector will be a key contributor to realizing this overall objective, as well as its target of attracting 25 million tourists by 2025 .
Rachid Laurent Elameri, General Manager of Fever Middle East, commented: “Mena entertainment is vibrant and growing. Strategic government investment, distinct heritage and cultures, and an engaged population is bolstering the region like never before - but to truly thrive, governments who have shown strong support for the sector to date must continue innovating and calibrating existing technologies to consistently cater to modern needs.
“The UAE has done a tremendous job of repeatedly upping the bar in several areas of the country’s growth, and in recent years its entertainment sector has begun receiving a greater level of recognition. Providing the private sector will further empowerment, continually developing the talent pool, and regional coordination amidst the ongoing adjustment to post-pandemic realities will prove to reap even greater rewards for the country, and region moving forward.”
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