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Vue International has signed an exclusive preliminary agreement with the Abdulmohsin Al Hokair Holding real estate Group to jointly build up to 30 multiplexes in Saudi Arabia.
The expected move into Saudi by the world’s largest exhibitor outside the U.S. comes after the kingdom opened up to moviegoing in December after a 35-year ban for religious reasons, as part of a drive led by Crown Prince Mohammed bin Salman to transform Saudi society. It follows a similar agreement to build movie theaters inked recently between U.S. exhibitor AMC Entertainment Holdings and Saudi’s Public Investment Fund.
Saudi - Government - December - Movie - Theatre
The Saudi government in December announced that they expected more than 300 movie theatre sites with more than 2,000 screens to open by 2030, building an industry that would contribute more than 90 billion riyals ($24 billion) to the economy and create 30,000 jobs over that period.
“This is a huge moment in the history of global cinema development for the exhibition industry and we are honoured to be partnering with such a well regarded and prestigious operator,” said Tim Richards, Founder and Chief Executive, Vue International in a statement.
Development - World-class - Cinemas - Screen - Experience
“We are delighted to have been chosen to lead in the development of world-class cinemas and the big screen experience in Saudi Arabia,” he added.
The Al Hokair...
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