Emaar and Saudi entity to open Reel Cinemas in kingdom

UAE-based Emaar Entertainment is teaming up with Saudi Arabia’s General Organisation for Social Insurance Investment Ventures to open and operate its Reel Cinemas theatre chain in the Arab world’s biggest economy.

Emaar Entertainment secured the licence to operate Reel Cinemas in Riyadh in December.

“The partnership plans an aggressive expansion into the kingdom’s entertainment market,” Emaar said yesterday.

“Within the next five years, audiences can look forward to 20 new venues that will include both cinemas and family entertainment centres across the kingdom.”

The companies intend to invest about 1 billion Saudi riyals ($267 million) over a five-year period, Emaar said.

Saudi Arabia, the world’s biggest oil-exporting country, is rapidly transforming its economy as it looks to reduce its dependence on crude, nurture domestic industries, boost jobs and diversify revenue streams.

It is developing a number of new projects including Neom, a $500bn futuristic project consisting of a nature reserve, coral reefs and heritage sites on about 50 islands off the Red Sea coast, and a mega entertainment and sports project named Qiddiya in the capital, Riyadh.

“Riyadh is internationally recognised for its strong heritage in art and culture and the new Reel Cinemas in Riyadh will bring another aspect of entertainment to residents and visitors alike,” said Ahmad Matrooshi, executive board member of Emaar Properties.

The first Reel Cinemas unit in Riyadh will have 14 screens, Emaar said.

Reel Cinemas first opened at The Dubai Mall in 2009, followed by a second location at Dubai Marina Mall in 2010.

It also operates an 18-screen cineplex in Al Ghurair Centre and two drive-in cinemas at The Dubai Mall Zabeel and the Dubai Hills Estate.

“We are thrilled to partner with Emaar Entertainment Saudi to bring the first Reel Cinemas venue to the Kingdom of Saudi Arabia,” said Mazen Qandeel, a spokesman for GOSI Investment Ventures.

“Audiences can look forward to enjoying an incomparable movie experience.”

Saudi Arabia opened its first cinema in 2018 after it lifted a decades-long suspension on public cinemas.

Currently, the kingdom has 34 cinemas in 12 cities, with about 342 screens and more than 35,000 seats, the state-run Saudi Press Agency reported on Sunday, quoting the Quality of Life Programme Centre.

Saudi authorities have so far granted cinema licences to 11 companies, including nine international entities.