If the JLL’s Q2 2018 Jeddah Real Estate Market report points to anything, it points out to the fact that Saudi Arabia’s new entertainment facilities and cultural movement will have a direct, positive impact on the real estate market, reports Construction Week Online.
‘The Kingdom is now in its implementation phase of the Saudi Vision 2030,’ said JLL Head of Research in MENA Craig Plumb, ‘which aims to diversify the economy from oil dependency by increasingly investing into the tourism and other sectors.’
Examples of such cultural and entertainment facilities are the Jeddah Opera House and, of course, movies theatres including Vox Cinemas and the 30 Vue cinemas which are set to open across the kingdom in cooperation with Abdulmohsin Al Hokair Holding for real estate.
‘The announcement of the Jeddah Opera House,’ commented Craig Plumb, ‘and the subsequent development of cinemas and cultural centres will introduce further investment opportunities for international and local companies looking to move into new sectors.’
The fact that cinemas will open in malls around the kingdom, such as Vox Cinemas at the Red Sea Mall in Jeddah, is one example of the entertainment facility’s impact on the real estate market. This will have an equally positive effect on the tourism sector and, consequently, the hotel business.