Dubai – Mubasher: UAE-based VOX Cinemas is planning to expand in Saudi Arabia as the kingdom began to grant new licences for the first time after a 35-year ban on cinemas.
VOX Cinemas, a subsidiary of Majid Al Futtaim Group, aims to open 300 cinemas in Saudi Arabia within the next five years, CEO Cameron Mitchell told Zawya.
“We have around 300 screens (in the Middle East region) at the moment, without Saudi we will at least reach 600 by 2020. With Saudi, we expect by 2021, we could be in the 1,000-screen range,” Mitchell commented.
The movie theatre chain anticipates at least 300 screens in the next three to five years in the GCC nation, he added, giving no further details on the value of their investments
The culture and information ministry announced it had completed the terms of licencing to lift the ban on cinema in Saudi Arabia.
The Emirati movie theatre chain has debuted its first screenings to the public in Saudi Arabia earlier this year to raise awareness about Alzheimer's disease.
“We expect the legislation [governing the cinema activities] should come out within the next sort of three to four weeks,” Mitchell added.
Once the legislation comes out, VOX will make an announcement that nearly covers all their plans for the kingdom, he noted, pointing out that the Dubai-based chain would get ready to implement these plans “as soon as the announcement is made and legislation is confirmed.”
