Riyadh has a new entertainment complex: Snow City. How about a family outing at the ice rink? For a city of four million that sees an average July temperature near 36°C (96°F), the potential is self-evident. The spend is much less than a winter holiday in Les Trois Vallées. This private-sector initiative emphasizes steps to industrial diversification in the Kingdom, but it also points to a growing leisure sector in many emerging markets, not just China or India. For investors, such projects offer enormous cash-flow potential. They may also be less cyclical than expected. Latent consumer demand across the developing world is notoriously difficult to measure. ■

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