LOS ANGELES, CA (CelebrityAccess) – During a summit at the Four Seasons Hotel in Beverly Hills, California on Wednesday, a group of Saudi dignitaries met with nearly 250 of Hollywood’s top financiers and entertainment executives to discuss ambitious plans to build an entertainment industry from the ground up in Saudi Arabia.
The event, which was sponsored by the Saudi General Entertainment Authority (GEA), a newly created board designed to expand the nation’s footprint in the entertainment industry, was a part of a cross-country tour by Saudi Arabia’s crown prince, Mohammed bin Salman, and his entourage to position the oil-rich nation as a monumentally untapped opportunity for foreign investors.
“The younger generation is very sophisticated and they are demanding more entertainment options,” said GEA Chairman Ahmed Al Khateeb. “You will never find a better market than Saudi Arabia.”
Today, a number of deals have already been secured including with AMC, the world’s largest movie theatre chain, Cirque du Soleil, and live touring company Feld Entertainment with many more to come.
The deals are just the start of what GEA hopes will generate a steady flow of American investment into the country, and become the foundation of a thriving internationally recognized entertainment industry for its 32 million residents, 70% of whom are 30 or under.