The cinema industry has become highly sought-after for investment in Saudi Arabia, thanks to the excitement surrounding the reopening of cinemas.
The GCAM has urged investors to reach out to them for help obtaining operating licenses in small- and medium-sized cities, according to the Saudi Press Agency.As per the figures, Saudi cinemas secured the third spot for ticket sales in the Middle East during Q2 2019, when the call was received.To date, three major cities have seen the opening of seven movie theatres, with plans to add another 27 theatres across seven cities by the end of 2019.
The GCAM has set up an email address, cinema@gcam.gov.sa, to handle inquiries from potential investors. According to Shaheen Mohammed, the head of operations at Lulu Hypermarkets in the Kingdom, the investment opportunity is a wise decision for providing entertainment in secondary cities. Our significant expansion in Saudi Arabia can be seen in the secondary cities if you examine our footprint. Our current locations are Tabuk, Hail, Al-Ahsa, Jubail, and soon Taif. An agreement has been reached since the announcement to do a cinema in Al-Ahsa.
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We plan to designate a space for cinemas to open in all the cities we operate in. They have already established themselves as a shopping destination in these smaller cities, so it will be effortless for the cinemas to begin operating. The Kingdom’s entertainment authorities have made a wise decision, considering the limited entertainment options in secondary cities apart from children’s entertainment which has been around for a while. The new entertainment dimension will provide an enjoyable experience for the entire family at the cinema. Dubai and Bahrain are popular travel destinations for people in secondary cities. Secondary cities will benefit from the spending previously made in places like Dubai, which will help local retailers.
According to Mohammed, there are three plots of land in Yanbu. There’s one for a hypermarket, another for entertainment, and a third for a cinema. The papers have been signed, and we’re waiting for the cinema operator to partner up with us.AMC Cinema opened the first cinema in Riyadh with 2 screens in April 2018. 2019 the plan was to have 268 screens and 700 by 2020. PwC Middle East’s research suggests that the cinema industry in Saudi Arabia, serving a population of over 32 million, most of whom are under 30, will generate $1.5 billion annually by 2030.
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