These four companies are opening new cinemas in Saudi Arabia

In an historic move back in December 2017, Saudi Arabia lifted a 35-year old ban on cinemas. The decision was taken as a part of liberalizing reforms under the oil-rich Kingdom’s Vision 2030 plan, which seeks to attract foreign investment and transform the economy.

According to a study by PwC Middle East, a global advisory firm, the Kingdom’s cinema industry — which will serve a population of more than 32 million, the majority of whom are under the age of 30 — is expected to generate $1.5 billion in annual revenue by 2030.

Now with more than a year complete, Saudi Arabia has successfully paved the way for regional and international movie chains to enthrall audience by opening new screens every year.

Argaam takes a look at the new cinema theaters opening in 2019:

Cinépolis - Mexican cinema operator, Cinépolis, will open its first movie screen in Lulu Mall in Dammam by the end of 2019. It will introduce its cinema-going experience through high-tech theater concepts, including Luxury, Premium, Macro XE, 4D Emotion and Cinépolis Junior auditoriums.

VOX Cinemas – Middle Eastern entertainment giant, VOX Cinemas, is on track to open 110 screens in Saudi Arabia by 2019-end as it intends to invest more than $500 million on building 600 screens in the next four years. VOX has also signed an agreement with Saudi-based developer Dar Al-Arkan to open a new multiplex in Al Qasr mall in Q1 2019.

Next Generation – A subsidiary of Fawaz AlHokair Group, Next Generation, plans to open six theatres with a total of 50 screens in Riyadh, Jeddah, and the Eastern Region in 2019. The local company was awarded the seventh license for operating cinemas and is the first Saudi trademark.

AMC Entertainment (US) – Theater operator AMC Entertainment is currently on track with its expansion plans for Saudi Arabia. It has signed a non-binding agreement with the Public Investment Fund (PIF) to explore commercial opportunities in the Kingdom by opening new screens in 2019.

Write to Paromita Dey at paromita.d@argaamplus.com