SAUDI CINEMAS RECEIVE SHOT IN THE ARM WITH $300M MEXICAN INVESTMENT
LATIN AMERICAN FIRM CINEPOLIS CINEMAS PLANS TO LAUNCH 200 NEW SCREENS BY 2023 IN THE KINGDOM OF SAUDI ARABIA
Cinepolis Cinemas has tabled an investment of $300m to boost its presence in the Kingdom of Saudi Arabia over the next five year. Plans are afoot to launch 200 new screens by 2023, in addition to recruiting more Saudi nationals in the entertainment sector.
The world’s third largest movie theatre operator launched the first two Cinepolis theatres in Al Jamea Plaza, and Lulu Mall of the Saudi cities of Jeddah and Dammam respectively. To stimulate its growth plans, Cinepolis has partnered with Al Hokair Group and Al Tayer Group. AV system including stage and the curtains and theatre seats in the TV studio building.
Alejandro Aguilera, CEO of Cinepolis Gulf, said: “Cinepolis is proud to be contributing to the Kingdom’s 2030 Vision by providing moviegoers with unrivalled experiences as Saudi Arabia increases its culture and entertainment offering. Cinepolis looks forward to offering fun, innovative and, stellar services to its customers as well as to enrich the entertainment options throughout the kingdom.”
With 862 cinemas in total across 17 countries worldwide, Cinepolis operates 6,664 digital screens. 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.