It will be the UAE firm’s first entry into the Saudi retail entertainment market since the Kingdom lifted its 35-year ban on cinemas in 2018.
UAE-based Emaar Entertainment, a subsidiary of Dubai-listed developer Emaar Properties, has entered into a partnership with Saudi Arabia’s Gosi Investment Ventures to expand its Reel Cinemas chain into the Kingdom.
“The partnership plans an expansion into the Kingdom’s entertainment market, which means reaching cinema fans no matter where they are in Saudi Arabia. Within the next five years, audiences can look forward to twenty new venues which will include both cinemas and family entertainment centres across the Kingdom. The ambitious plan will chart the future of entertainment and diversity in KSA which will undoubtedly create career opportunities through the SAR1bn ($266m) investment,” the companies said in a statement.
Commenting on the partnership, Gosi Investment Ventures spokesperson, Mazen H Qandeel, said: “We are thrilled to partner with Emaar Entertainment Saudi to bring the first Reel Cinemas venue to the Kingdom of Saudi Arabia. Audiences can look forward to enjoying an incomparable movie-watching experience – incorporating not just the latest movie content, but also delectable dining options, superior customer service and cutting-edge technology.”
Ahmad Matrooshi, Executive Board Member – Emaar Properties, said: “We are proud to bring a world-class entertainment experience to Riyadh with our first Reel Cinemas location which will open in 2021. We are confident that our partnership with GOSI Investment Ventures will provide our guests with innovative cinema formats tailored for every taste, a testament to Reel Cinemas’ brand ethos. Riyadh is internationally recognised for its strong heritage in art and culture and the new Reel Cinemas in Riyadh will bring another aspect of entertainment to residents and visitors alike.”
It will be the first time the UAE firm enters the Saudi retail entertainment market since the kingdom lifted its 35-year ban on cinemas in 2018.
The announcement comes just days after the third anniversary of the reopening of cinemas in the Kingdom.