Saudi awards cinema licence to fourth operator

Saudi Arabia has awarded its fourth cinema licence to Lux Entertainment Company in partnership with Al-Hokair Group for Tourism and Development, Sinopolis International and Al-Taeir Group.

The group joins the other licensed operators Al-Rashed Empire Cinema Consortium, UAE malls and retail company Majid Al Futtaim’s Vox Cinemas and US firm AMC Entertainment, which have entered the market after a government decision to lift a nearly 40-year ban on cinemas at the end of last year.

The latest licence winner is due to open 300 screens in 15 cities across the kingdom over the next five years, according to Saudi Press Agency.

This compares to 30 cinemas within three years planned by Al-Rashed, 600 screens over five years from Vox and 40 cinemas over five years from AMC.

US entertainment technology firm IMAX, which has partnered with MAF for up to six IMAX screens, said in May there could be up to 100 IMAX screens in the kingdom in the coming decade.

Saudi authorities plan to set up around 350 cinemas with over 2,500 screens by 2030, which they hope will attract nearly $1bn in annual ticket sales.

Gulf Business Contribution Time: 30-Aug-2018 05:32 (GMT)
Gulf Business Last Update Time: 30-Aug-2018 05:32 (GMT)