Saudi singer Mohammed Abdu, also known as ‘The Artist of the Arabs’ performs at a concert in Riyadh in March 2017. The performance was the first major concert staged in the kingdom’s capital. Fayez Nureldine / AFP
Saudi singer Mohammed Abdu, also known as ‘The Artist of the Arabs’ performs at a concert in Riyadh in March 2017. The performance was the first major concert staged in the kingdom’s capital. Fayez NuShow more

Saudi Arabia will have cinemas and opera in Vision 2030 reforms



RIYADH // Saudi Arabia will one day open cinemas and build a world-class opera house, says the man spearheading the kingdom’s entertainment reforms, downplaying opposition by powerful religious authorities to changes they see as sinful.

Cinemas have been banned since the 1970s, after the clerical establishment persuaded the authorities to close them, reflecting rising Islamist influence throughout the Arab region at the time. And while some concerts have been held this year, clerics still frown upon them.

But the government has promised a shake-up of the cultural scene with a set of “Vision 2030” reforms announced by Deputy Crown Prince Mohammed bin Salman bin Abdulaziz last year, aimed at creating jobs and opening up the cloistered lifestyle of Saudi citizens.

The changes are also intended to capture up to a quarter of the $20 billion currently spent overseas by Saudis, who are accustomed to travelling abroad to see shows and visit amusement parks in nearby tourist hub Dubai or further afield.

In an interview, Ahmed Al Khatib, chairman of the General Entertainment Authority (GEA), said conservatives who criticised the reforms were gradually learning that most Saudis, a majority of whom are under 30, wanted these changes.

His goal was to create entertainment that “will be like 99 per cent of what is going on in London and New York,” although he conceded that change would not come quickly after decades of cultural conservatism.

“I believe we are winning the argument,” he said. A few Saudis were liberal, a few conservative, but “the majority are moderate,” he added. “They travel, they go to cinemas, they go to concerts. I am counting on the middle segment, which is about 80 per cent of the population.” he said. Conservatives, he added, could simply opt to stay at home if they did not care for such entertainment.

Saudi Arabia’s top religious authority, Grand Mufti Sheikh Abdulaziz Al Al-Sheikh, regards cinemas and concerts as a corrupting influence. Round-the-clock entertainment could open the door to “atheistic or rotten” foreign films and encourage the mixing of the sexes, he said in January.

In large part, the kingdom’s entertainment plans are motivated by economics. With oil prices low, authorities have embarked on an ambitious reform programme to diversify the economy and create whole new sectors to employ young Saudis.

The government has commissioned the Boston Consulting Group to identify venues like parks and theatres for the kingdom to develop through a mix of government funding and private sector investment.

Mr Khatib said the GEA’s activities have created 20,000 jobs so far after only seven months, and can surpass targets set out last year in the Vision 2030 plan. He predicts the share of Saudi spending on entertainment will triple to 8 or 9 per cent by 2030.

The kingdom’s most ambitious leisure project to date is a giant entertainment city outside the capital Riyadh, which would aim to draw regional visitors with resorts, golf courses, car racing tracks and a Six Flags theme park.

“Our start is very encouraging. Every event is sold out,” he said. Comic-Con, a comic book convention held in Jeddah in February attracted 10,000 more people than could be accommodated.

“The demand is massive. And it is normal — the demographic is young in Saudi Arabia and we have a higher disposable income than other countries,” he said.

But Comic-Con also provoked the most public challenge to the entertainment agenda thus far, drawing rebuke from thousands of conservatives — including the imams of prominent mosques — after video emerged of men and women dancing at the event.

Such conservatism was not always typical in Saudi Arabia, said Mr Khatib, but would take time to change after it had been nurtured over the course of several decades.

Cinemas, a particular flashpoint, were not on the agenda in the short term, but would come to Saudi Arabia eventually, he said. “We will get there. We’ll get there. I know how. I don’t know when.”

* Reuters

What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.

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APPLE IPAD MINI (A17 PRO)

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Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5