RIYADH: Saudi Arabia is gearing up to introduce a host of new entertainment and aquatic parks as the Ministry of Investment partners with Nowaar Entertainment, with the first park slated to open its doors in Riyadh in 2025.

In collaboration with the General Entertainment Authority, MISA signed an agreement on Sunday with Nawaar Entertainment to develop entertainment and splash parks across the country, with Riyadh being the inaugural location set to launch in 2025.

Saudi Arabia’s entertainment sector has seen exponential growth, with the number of companies skyrocketing to 4,000 from fewer than 10 since the inception of Vision 2030, according to a senior official.

Speaking at the Saudi Media Forum in Riyadh on Feb. 21, GEA CEO Faisal Bafarat revealed that the industry has already generated over 150,000 local jobs since the Kingdom embarked on its economic diversification initiative in 2016.

Bafarat emphasized the significance of fostering high competitiveness among various business sectors to introduce innovative forms of entertainment, which are now attracting increased investment in the Kingdom, as reported by the Saudi Press Agency.

Reports also indicated the organization’s efforts toward developing entertainment options tailored to the diverse needs of people from all walks of life in the Kingdom.

Meanwhile, MISA inked several agreements with Japan during the Seventh Ministerial Meeting of the Saudi-Japan Vision 2030, held in Riyadh in December 2023.

Chaired by Saudi Minister of Investment Khalid Al-Falih alongside the Japanese Minister of Economy, Trade and Industry, Ken Saito, and the Japanese Vice-Minister for Foreign Affairs, Fukazawa Yoichi, the event witnessed the signing of 13 agreements and memorandums of understanding with Japanese entities and companies.

Among the highlights were three significant projects in construction technology, tourism, and entertainment.

Through dialogue sessions, the meeting also shed light on promising partnership opportunities in implementing mega projects in the Kingdom, including NEOM, the Red Sea, and Qiddiya.

Saudi Arabia’s Vision 2030 is spearheading targeted support measures for the entertainment sector, aiming to contribute over $23 billion, equivalent to 3 percent of GDP, and create more than 100,000 jobs by 2030. Additionally, a $64 billion investment plan is in place to further bolster the sector’s growth.

RIYADH: A strong stock of government financial assets has cemented Kuwait’s standing as it secures an ‘A+’ rating from Standard & Poor.  

In its latest report, the global rating agency affirmed Kuwait’s sovereign rating with a stable outlook, primarily attributing it to government financial assets supporting around 418 percent of the nation’s gross domestic product in 2024. 

S&P pointed out that Kuwait’s structural and financial reforms are still lagging behind its peers, and its economy remains highly dependent on the oil sector, making it vulnerable to fluctuations in the oil market.  

Despite these challenges, the rating agency anticipates the real GDP to grow by an average of 2.4 percent during the years 2025-2027, compared to a contraction of 2.3 percent in 2024. This forecast assumes a slight easing in the restrictions of the Organization of the Petroleum Exporting Countries agreement on oil production. 

The report also highlighted the expected acceleration of large government investment projects, with a focus on public-private partnerships and high-impact projects driven by the New Kuwait 2035 vision.   

The national strategy aims to transform Kuwait into a financial and trade hub regionally and internationally, making it more attractive to investors.  

The stable future outlook reflects the assumption that Kuwait’s substantial financial and external balances will remain robust during the forecast period, supported by a significant stock of government financial assets projected to reach 447 percent of the GDP between 2024 and 2027.  

“We could raise the ratings if the government successfully implemented a comprehensive structural reform package, such as diversifying the economy away from the hydrocarbon sector and increasing its productive capacity, leading to stronger real GDP growth prospects,” the report indicated.  

These substantial assets are anticipated to mitigate the economic risks associated with the country’s heavy reliance on the oil sector and potential fluctuations in oil prices.  

“Kuwait, largely via KIA (Kuwait Investment Authority) funds but also due to very low levels of government debt, remains in a very large general government net asset position,” the report said.  

S&P also emphasized that a downgrade in Kuwait’s sovereign credit rating could be triggered by several reasons.  

“We could lower our ratings on Kuwait if fiscal imbalances rise significantly, for instance due to weaker oil prices or the absence of fiscal reforms, and the government were to remain without comprehensive fiscal financing arrangements,” the report said.