Vue International has signed an exclusive deal with the Abdulmohsin Al Hokair Holding real estate group to cooperate in building up to 30 multiplexes in Saudi Arabia.
The joint project involves construction of up to 30 multiplexes in both existing and new Saudi developments over the next three years. With the first one scheduled to open its doors to the public this year.
“This is a huge moment in the history of global cinema development, and we are honored to be partnering with such a well-regarded and prestigious operator. We are delighted to have been chosen to lead in the development of world-class cinemas and the big-screen experience in Saudi Arabia,” Tim Richards, founder and chief executive of Vue International, stated.
“We are delighted to be working with Vue International and leading the development of Saudi Arabia’s world-leading cinema industry together,” Majed Al Hokair, CEO of Al Hokair Holding Group, said.
The Saudi government has stated in December that it expected more than 300 movie theater sites comprising more than 2,000 screens to open by 2030. The government aims to build this industry as part of its Vision 2030 predicting that it would contribute more than 90 billion riyals ($24 billion) to the economy and create 30,000 jobs.