Cinema licensing kicks off in Saudi Arabia
Cii Radio| Ayesha Ismail| 02 March 2018|13 Jumadul Ukhra 1439
Saudi Arabia began issuing licenses Thursday to operate cinemas in the kingdom ahead of their reopening after a decades-long ban was lifted as part of a far-reaching liberalization drive.
The move is another step toward opening the Saudi market to regional and international theater chains, which have long eyed the kingdom as the Middle East’s last untapped mass market.
The culture and information ministry said it had “finalized the terms of licencing to restore cinema in Saudi Arabia.”
“Licencing commences immediately,” the ministry added in a statement.
The news comes as Dubai-based VOX Cinemas, the leading operator in the Middle East, launches its first public screening in Saudi Arabia, which runs through Saturday and aims to raise awareness about Alzheimer’s disease.
The screening in Riyadh will feature content from local producers including Myrkott Production and Telfaz Company, VOX said.
Major cinema chains are seeking to break into the market of more than 30 million people, the majority of whom are under 25.
In December, US giant AMC Entertainment signed a non-binding agreement with Saudi Arabia’s vast Public Investment Fund to build and operate cinemas across the kingdom.
AMC will still face stiff competition from regional heavyweights, including VOX.
The move to reopen cinemas is part of a modernization drive by Crown Prince Mohammed bin Salman.
Source – SG