Cinema investment in Saudi Arabia estimated to be SAR5bn in 2020
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.