US-based exhibitor and dine-in luxury chain iPic Entertainment on Tuesday said it expects to receive its license to operate theaters in Saudi Arabia soon, with plans to open its first location in Saudi Arabia by the end of 2018.
“iPic believes there is the potential for 25 to 30 iPic locations in Saudi Arabia within the next 10 years and expects to expand in all parts of the country starting in Riyadh and Jeddah,” the company said in its Q1 2108 financial statement.
iPic had signed a memorandum of understanding in March with BAS Global Investments to develop its luxury restaurant-and-theater locations across Saudi Arabia.
Last year, Saudi Arabia lifted a 35-year ban on cinemas as part of broader reforms in the Kingdom.
Licensing terms for cinemas in the country was announced in March this year.
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