Vue Has Signed A Deal That Will Create 30 Cineplexes In The Kingdom
Vue International has officially signed an exclusive deal with the Abdulmohsin Al Hokair Holding real-estate group to build 30 multiplexes in the Kingdom, in a joint effort. According to Variety, Vue being one of the largest exhibitors outside the U.S. has been keen on moving into Saudi Arabia, following an announcement of the cinema ban was lifted after thirty-five years.
The 30 multiplexes are set to be constructed and complete within the next three years
The preliminary agreement between Vue was also achieved earlier on by the U.S. exhibitor AMC Entertainment Holdings and the Kingdom's Public Investment Fund. A few months ago, the Saudi government said that around 300 movie theatres with more than 2,000 screens are expected to open by 2030, giving this new industry enough time to help aid the economy. Especially in terms of the 30,000 prospective work opportunities it could supply.
The joint venture with Vue International and Hokair Holding announced that the construction for these 30 cinema multiplexes be constructed in three years. Further details on the exciting project are set to be announced in a couple of weeks.
This is a huge moment in the history of global cinema development for the exhibition industry, and we are honored to be partnering with such a well regarded and prestigious operatorTim Richards, Founder and CEO of Vue International (via Variety)