Abdulmohsen Alhokair group for Tourism and Development Co. (Al Hokair Group) found that over 35 percent of UAE’s movie theatre visitors are Saudis, which indicates that the Saudi market is eager to have cinemas in the Kingdom, Mishal Alhokair, Deputy CEO and General Manager of Entertainment, told CNBC in an interview.
Tadawul-listed Al Hokair Group announced last week that it plans to open around 300 screens across 15 cities in Saudi Arabia within the coming five years in partnership with Lux Entertainment Co., Sinopolis International, and Al-Taeir Group. Together, all four companies will invest $500 million over the course of five years.
Financial impact of the deal is expected to reflect on Al Hokair Group’s results in Q2 2019, Alhokair said.
Being the fourth company granted a license to operate cinemas in the Kingdom, the firm will focus on offering Saudi customers new services, such as children cinemas and low-cost theaters. The company also wants to speed up its expansion across main and promising cities such as Jazan, Tabuk and Qassim, he added.
Last week, Alhokair was granted the fourth license to operate cinemas in the kingdom, in partnership with Lux Entertainment Co., Sinopolis International, and Al-Taeir Group, Argaam reported.
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