These four companies are bringing cinemas to Saudi Arabia

In a historic move in December, Saudi Arabia lifted a 35-year ban on cinemas, announcing at the time that the first commercial cinemas could open as early as next month. The decision was part of wider liberalizing reforms under the oil-rich Kingdom’s Vision 2030 plan, which seeks to overhaul the economy and attract foreign investment.

The lifting of the ban will open up a domestic market of over 32 million people, the Saudi culture ministry said in December, adding that it anticipates the country to have opened over 300 cinemas by 2030.

The move prompted announcements by various regional and international companies keen to bring movies to Saudi audiences. Argaam takes a look below:

AMC Entertainment (US) - Shortly after the cinema ban was lifted in December, Saudi Arabia’s Public Investment Fund (PIF) signed a non-binding memorandum of understanding (MoU) with US-based AMC Entertainment Holdings Inc. to explore commercial opportunities in the Kingdom’s entertainment sector.

Majid Al Futtaim (UAE) - In January, the chief executive of Dubai-based Majid Al Futtaim Ventures said the company was planning to obtain a cinema license in Saudi Arabia. It has an investment plan of more than SAR 14 billion, he added.

Vue International (UK) - Vue International signed a memorandum of understanding (MoU) earlier this month with Saudi Arabia’s Abdulmohsen Al Hokair Holding Group to build up to 30 multiplexes in the Kingdom over the next three years. The joint venture plans to open the first multiplex this year, Vue said.

KNCC (Kuwait) - Also in February, Kuwait National Cinema Company (KNCC) and Dubai-based Front Row Entertainment announced a three-year plan to build 12 multiplexes in Saudi Arabia. The first 27 screens are expected to be up and running by the end of 2018.

Kuwaiti developer Tamdeen, which owns KNCC, said in a statement that it was in advanced negotiations with an unnamed Saudi partner regarding a joint venture, which will open its first three multiplexes in Dammam, Jeddah, and Riyadh. KNCC is also in talks to secure multiplexes and standalone cinemas across the country.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com