Saudi Arabia to invest $64 bn in Western-style entertainment in next decade

Saudi Arabia announced plans today to spend billions on building new venues and flying in Western acts, in a total overhaul of its entertainment sector that would be unthinkable not long ago.

Long known for its ultra-conservative mores, the kingdom has embarked on a wide-ranging programme of social and economic reforms driven by Crown Prince Mohammed bin Salman.
At a glitzy press conference in Riyadh, General Entertainment Authority chief Ahmad bin Aqeel al-Khatib told reporters the kingdom is set to invest $64 billion in its entertainment sector over the coming decade.

"We are already building the infrastructure," Khatib said, adding that ground had been broken for an opera house.
"God willing, you will see a real change by 2020," Khatib said, adding that more than 5,000 events were planned for the coming year.

Sector-wise key expectations from Budget 2017

Latest News - With over a week left for Finance Minister Arun Jaitley to unveil the Budget 2017 on January 01, industry experts are being vocal about the expectations that they seek from the NDA-led government’s fourth Budget under the current term. 

“We believe that the government is likely to take corrective measures which would offer remedy to the demonetisation wounds. In our opinion, increase in individual income tax slab limits and reduction in corporate tax rate is expected to be the highlight of the budget in order to revive the consumption cycle,” said brokerage Angel Broking in a pre-Budget research note. 

Below are sector-wise expectations from (Read More)