From oil to innovation: creative economy in Saudi Arabia
Dr. Ali Mohamed Aliraqi, Associate Professor, King Saud University, KSA
Prof. Allam Ahmed, Director, Middle Eastern Knowledge Economy Institute (MEKEI), United Kingdom
Most economies across the world, particularly post-Covid-19 era will have to consider all means of economic recovery and transformation their economies using knowledge and innovation. Similar to the knowledge-based economy, the creative economy has been seen by many scholars and leading economists as a key driver for economic growth and sustainable development. Quite recently, a noticeable amount of attention has been paid to the creative economy as a development strategy, especially in developing countries. Recently, the term; Creative Economy achieved global consensus when adopted by international organizations, namely UNESCO and UNCTAD, this remarkable milestone shifted the paradigm from post-capitalist activity to new trends in development. Creative Economy based on the synergy of economy, culture, and technology seeking optimum utilization of resources; whereby, creativity stands as a renewable one. Reconsidering the creativity as the main driver, countries will benefit from potentialities as cross-cutting linkages at macro and micro levels. The comprehensiveness of the creative economy enables it as a network, providing opportunities for wide rang sectors, actors, producers, and consumers. This advantage puts the creative economy as a development strategy especially for job creation, governmental revenues, and export diversification. The entertainment, heritage, tourism and culture are at the cutting edge of the vision 2030, with the Saudi government’s commitment to diversify economy and transform the country into a leading destination globally. This ambitious goal could expand entertainment landscape either in size or content.