Cinepolis to invest $300m in Saudi

By June 26, 2019News

Cinépolis, Latin American cinema operator, announced plans to invest over $300m in Saudi Arabia over the next three years.

The company will launch six movie complexes with 63 screens across the Kingdom. The first will be in Lulu Mall, Dammam, at the end of this year with four planned for 2020 and the final in 2021. These will be located in Al Hokair Time in Jazan, Obhour Mall in Jeddah, Cordoba Mall in Riyadh, Najran City Centre and Al Massarh Mall.

The nation removed the 35 year cinema ban last year, and Cinépolis received the fourth cinema license under the Luxury Entertainment entity, partnered with Al Hokair Group and Al Tayer Group. This will introduce theatre concepts to the Kingdom such as luxury, premium, macro XE, 4D emotion and junior auditoriums, including jungle gyms, ball pits and bean bag seating.

As Saudi Arabia continue to expand and diversify, there are 2,600 cinemas expected to open across the country by 2030. Forecasting shows that the revenue from cinemas could reach $1.5 billion by 2030 and the overall entertainment industry is expected to contribute $24 billion to the local economy and create 30,000 permanent jobs by 2030.