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Saudi Vision 2030 aims to diversify the economy from oil dependency, by increasingly investing into the tourism and other sectors Saudi Vision 2030 aims to diversify the economy from oil dependency, by increasingly investing into the tourism and other sectors

JLL: Entertainment Sector Will Boost Jeddah Real Estate

The development of cinemas, along with cultural and artistic centres, will drive steady growth in Jeddah's entertainment and cultural sectors, offering developers opportunities to invest into new, diversified sectors, according to JLL's Q2 2018 Jeddah Real Estate Market report.

The report for the second quarter of the year noted the expansion of Jeddah's entertainment sector and cultural offerings bodes well for the hotel sector in the long term, as a series of cultural, leisure and entertainment initiatives are being introduced in Jeddah's real estate market, including the Jeddah Opera House.

These projects are aimed at diversifying Jeddah's visitor base, which is expected to see a growing mix of corporate, leisure, local and gradually international visitors, creating further demand for hotels in the market, JLL suggested.