LONDON: Vue International is set to open up to 30 multiplex cinemas in Ƶ over the next three years after signing a deal with Riyadh-based Abdulmohsin Al-Hokair Holding Group.
The official memorandum of understanding signed on Monday follows the announcement last December that Ƶ would lift the ban on commercial cinemas for the first time in 35 years.
Vue International has been in talks with Riyadh since last October, after the operator was the only cinema chain to be invited to the Future Investment Initiative event held that month.
“This is a huge moment in the history of global cinema development for the exhibition industry and we are honored to be partnering with such a well regarded and prestigious operator,” said Tim Richards, founder and chief executive, Vue International in an official statement.
“Cinema has been an exciting form of out of home entertainment for over 100 years and the opening up of the Kingdom is testament to the industry’s continuing growth and resilience.”
The first cinemas could be opened later this year, according to a Vue International release.
Al-Hokair Group is known in the region for building and operating leisure and hospitality complexes, and currently owns and operates three shopping centers, 79 entertainment centers and 45 hotels in Ƶ, UAE, Turkey, and Egypt.
