Cinema in­vest­ment in Saudi Ara­bia es­ti­mated to be SAR5bn in 2020

Muscat Daily - - BUSINESS -

Riyadh, Saudi Ara­bia – Cinema in­vest­ment in Saudi Ara­bia is ex­pected to gen­er­ate an es­ti­mated SAR5bn in con­struc­tion dur­ing 2020, ac­cord­ing to data pub­lished ahead of Cinema Build KSA 2020, which takes place at Fair­mont, Riyadh from Fe­bru­ary 19 to 20.

The lat­est mar­ket re­search done by The Great Minds Group, part­ner of Cinema Build KSA 2020, pre­dicts that Saudi Ara­bia will wit­ness in­vest­ment in cinema projects es­ti­mated to reach SAR5bn dur­ing 2020, with 140 cin­e­mas planned to open in 30 malls, a press re­lease said.

The Saudi cinema in­dus­try will see enor­mous growth and is set to be­come the leader in the re­gion and has al­ready gained at­ten­tion from cinema stake­hold­ers across the globe. With an equiv­a­lent to 1,323 of total screens planned across the coun­try, the de­mand for ma­te­ri­als and re­sources to build cinema has in­creased.

The Cinema Build KSA re­port re­veals an es­ti­mated num­ber of 158,760 cinema seats and more than 5,953,500 square feet of cinema car­pet will be re­quired to ex­e­cute 2020 growth plans, in ad­di­tion to more than 18,852,750 square feet of gyp­sum boards, wall pan­els, mass bar­rier ceil­ing and 1,250 air han­dling units.

One of the main goals of the Vi­sion 2030, is to in­crease Saudi house­hold spend­ing on do­mes­tic en­ter­tain­ment from 2.9 to 6 per cent of total ex­pen­di­ture, con­sid­er­ing that Saudi na­tion­als spend about US$30bn an­nu­ally on tourism and en­ter­tain­ment out­side the king­dom. Sup­port­ing and en­hanc­ing the fast-grow­ing cinema sec­tor will not only re­cover Saudi in­vest­ments abroad but will also cre­ate more than 5,314 job op­por­tu­nity in 2020 in the Saudi mar­ket ac­cord­ing to Cinema Build KSA re­port.

The Saudi cinema in­dus­try with an enor­mous po­ten­tial is grow­ing rapidly and steadily as it is led by great lead­er­ship and in­dus­try stal­warts.

Cinema Build KSA pro­vides enor­mous net­work­ing and busi­ness op­por­tu­ni­ties to in­ter­na­tional brands and serves as a one-stop-shop for the lo­cal cin­e­mas. Be­ing the largest gath­er­ing of cinema stake­hold­ers in Saudi Ara­bia, Cinema Build KSA 2020 will serve as a learn­ing cen­ter for build­ing world-class cin­e­mas.

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