Global cinema chain Cinépolis to open 63 screens across KSA
Cinépolis, the largest cinema exhibitor in Latin America and fourth largest exhibition circuit in the world, has announced the locations of six new movie theaters in Saudi Arabia.
The six cinemas will be rolled out across the Kingdom over the next two years, with the first due to open at Lulu Mall, Dammam, at the end of this year, four scheduled for 2020 and the sixth for 2021.
The Saudi General Commission for Audiovisual Media (GCAM) issued the fourth Exhibitor License for Cinema Operation to Cinépolis International under the entity Luxury Entertainment LLC, which has partnered with Al-Hokair Group for expansion in the Kingdom along with its regional partner Al-Tayer Group, in August 2018.
Mishal Al-Hokair, chairman of Luxury Entertainment LLC and CEO of Al-Hokair Group; Miguel Mier, global COO of Cinépolis; Javier Sotomayor, managing director of Cinépolis Asia; and Ashish Shukla, CEO of Cinépolis Gulf, announced the six new cinemas in partnership with leading developers. Over the next five years, Cinépolis intends to be a leading exhibitor in the Kingdom.
Cinépolis opened its first cinema in Bahrain in January this year. Since then it has seen an ever-increasing following from the local community in Bahrain and Saudis alike. The opening of the brand’s six cinemas in the Kingdom is expected to help boost the economy through the recreational spend. A recent study by PwC revealed that the Kingdom’s cinema market could potentially generate 60 to 70 million admissions and the box office market could be $950 million in 2030.
A spokesperson from Cinépolis Gulf said: “Cinépolis’ launch into the Saudi Arabia entertainment market is a key milestone in our expansion strategy over the next five years.
“We are proud to be contributing to the Kingdom’s Vision 2030 as it goes through this historic period of transformation and hope to provide moviegoers with unrivaled experiences as Saudi Arabia increases its culture and entertainment offering.”
Apart from Dammam’s Lulu Mall, the new openings will be located in Al-Hokair Time in Jazan, Obhur Mall in Jeddah, Cordoba Mall in Riyadh, Najran City Center and Al-Massarh Mall, with a total of 63 screens across all six locations.