United Arab Emirates-based Majid Al Futtaim Ventures seeks to obtain the first cinema license in Saudi Arabia, chief executive Ahmed Ismail told Asharq Al-Awsat newspaper, adding that the company has an investment plan of more than SAR 14 billion.
The company has been present in the Kingdom for 10 years, and its entertainment unit VOX Cinemas operates more than 300 cinemas, out of 600-700, in the GCC, Ismail said.
Saudi Arabia last month lifted its 35-year-old ban on cinemas, announcing plans to open the first movie theatres in March this year.
The measure, which comes as part of the Vision 2030 reform program, will likely boost economic growth and diversification by contributing more than SAR 90 billion ($23.99 billion) to GDP.
The Saudi Ministry of Culture and Information expects 300 cinemas, with 2,000 screens, to open by 2030, creating more than 30,000 permanent jobs and over 130,000 temporary jobs.
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