UAE-based Emaar Entertainment is partnering with Saudi Arabia’s General Organisation for Social Insurance (GOSI) Investment Ventures to open and operate Reel Cinemas in the kingdom.
Emaar Entertainment had secured the licence to operate Reel Cinemas in the capital Riyadh in December, Emaar Entertainment said.
“The partnership plans an aggressive expansion into the kingdom’s entertainment market,” Emaar said. “Within the next five years, audiences can look forward to twenty new venues which will include both cinemas and family entertainment centres across the kingdom.”
The companies plan to invest about one billion Saudi riyals ($266 million) over a five-year period, the statement said.
Saudi Arabia, the world's biggest oil exporter, is rapidly transforming its economy as it looks to reduce its dependence on oil, nurture domestic industries, boost jobs and diversify revenue.
It is developing a number of projects, including Neom – a $500bn futuristic city comprising a nature reserve, coral reefs and heritage sites on about 50 islands off the Red Sea – and a mega entertainment and sports project, named Qiddiya, in the capital.
“Riyadh is internationally recognised for its strong heritage in art and culture and the new Reel Cinemas will bring another aspect of entertainment to residents and visitors alike,” Ahmad Matrooshi, executive board member of Emaar Properties said.
The first Reel Cinemas unit in Riyadh will feature 14 screens.
Reel Cinemas first opened at The Dubai Mall in 2009 and then Dubai Marina Mall in 2010. It also operates an 18-screen cineplex in Al Ghurair Centre and two drive-in cinemas at The Dubai Mall Zabeel and Dubai Hills Estate.
"We are thrilled to partner with Emaar Entertainment Saudi to bring the first Reel Cinemas venue to the Kingdom of Saudi Arabia," Mazen Qandeel, a spokesman from GOSI Investment Ventures, said.
"Audiences can look forward to enjoying an incomparable movie-watching experience."
Saudi Arabia opened its first cinema in 2018 after it lifted a decades-long suspension on public cinema halls.
Currently, the kingdom has 34 cinemas in 12 cities, with a total of 342 screens and more than 35,000 seats, the state-run Saudi Press Agency reported, quoting the Quality of Life Programme Centre. The authorities 'til date have granted licences to 11 companies, including nine international, to operate the cinemas.
The kingdom's cinema sector created more than 2,500 direct jobs, in addition to new economic opportunities, according to Khaled bin Abdullah Al-Bakr, acting executive director for marketing and communication at the Quality of Life Programme Centre.
More than 70 cinemas are expected to open in 13 administrative regions of Saudi Arabia soon, he said. The authority is also working to support “local content, film production and Saudi filmmakers of both sexes to establish their presence locally and internationally”.
