French entertainment companies look to open headquarters in Riyadh

Riyadh: Major French companies have expressed their desire to open headquarters in Saudi Arabia’s capital Riyadh to maximize the benefit of those opportunities.

This came during the hosting of the Federation of Saudi Chambers, represented by the Saudi-French Business Council on Monday, for a delegation of French business owners and companies specialized in various fields of entertainment.

The French delegation includes 30 major figures from French companies in the entertainment sector, covering amusement parks, sports products, e-games, entertainment cities, consulting and banking, the Saudi Press Agency (SPA) reported.

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The head of the French side in the Joint Business Council, Laurent German, said that Saudi Arabia has dazzled the world with the entertainment industry quickly, and we have the desire to be present in headquarters in Riyadh.

Laurent further adds that it provides great investment opportunities for French companies that can contribute their expertise to developing this sector and achieving its goals.

For his part, the Vice President of the French side in the Business Council, Fayez Al-Alit, praised the developments in the entertainment sector in the Kingdom and the opportunities it provides to foreign investors, looking forward to great cooperation in this field between the two countries.

The meeting address ways to enhance investments, commercial exchange and views on issues related to the sector between the two countries.

A total of 100 business owners and specialized Saudi entertainment companies, as well as the national entertainment committee at the federation, met with the French delegation.

The visit is in line with Saudi Vision 2030, which aims to increase the entertainment sector’s contribution to 4.2 percent of GDP by 2030 and provide 450,000 job opportunities.

The tourism sector has so far achieved a growth rate of 14 percent, and the number of companies working in the entertainment sector has doubled to reach more than 1,000.

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