UK’s Vue eyes opening up to 30 cinemas in Saudi Arabia

04/01/2018 Argaam

 

UK-based Vue Entertainment is in talks with Saudi Arabia’s Public Investment Fund (PIF) to open 20 to 30 cinema theatres in the country, Financial Times reported on Thursday, citing people familiar with the company’s plans.

 

The Saudi Ministry of Information and Culture lifted the 35-year-old ban on cinemas in December, announcing plans to open the first movie theatres in March this year.

 

Following the announcement, PIF signed a non-binding memorandum of understanding with US-based AMC Entertainment Holdings Inc. to explore commercial opportunities in the Kingdom’s entertainment sector. Several other private companies, including UAE’s Majid Al Futtaim and Canada’s IMAX, have announced plans to open cinemas in the Kingdom.

 

The opening of the Saudi Arabian market was “an exciting moment in the history of cinema, and a significant opportunity for Vue,” company chief executive Tim Richards told the newspaper.

 

He added the company has “some incredible plans in place”, but declined to share further details.  

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