Vox Cinemas expects to have 1,000 screens overall in the region by 2021, with up to 300 screens in three to five years in Saudi Arabia.
VOX Cinemas, a unit of Dubai-based mall operator Majid Al Futtaim, is planning to open 300 cinemas in Saudi Arabia by 2021, as reported by Zawya.
The report, quoting CEO Cameron Mitchell, stated that Vox Cinemas expects to have 1,000 screens overall in the region by 2021, with up to 300 screens in three to five years in Saudi Arabia.
Following the move by Saudi Arabia in late 2017 to lift a 35-year-old ban on cinemas, the country has attracted interest from international organisations including Kuwait National Cinema Company (KNCC) that has secured three multiplexes in Saudi Arabia. In December 2017, Saudi Arabias Public Investment Fund (PIF) announced the signing of a non-binding memorandum of understanding (MoU) with AMC Entertainment Holdings, the worlds largest provider and operator of movie theatres.
The Saudi government has stated that the opening of movie theaters will contribute more than 90 billion riyals ($24 billion) to the economy and create more than 30,000 jobs by 2030.
To boost efforts in that direction, Saudi Arabia has announced that it will invest $64bn over the next ten years to build its entertainment industry as part of the Kingdoms Vision 2030 programme.
Last month, Saudi Arabias Ministry of Culture and Information approved the licensing regulations for cinema activities across the kingdom.
Majid Al Futtaim is currently working on building a 10,000 square metre entertainment facility in Saudi Arabia.