Majid Al Futtaim Cinemas plans to invest $533m in five years
Majid Al Futtaim (MAF) plans to invest $533m to open 600 new Vox Cinemas’ screens across Saudi Arabia over the next five years. The announcement comes after the cinema operator was given one of the first licenses to operate cinemas in the kingdom.
According to a statement from MAF, its first new cinema will be the first multiplex in Saudi Arabia and is scheduled to open at Riyadh Park Mall in the coming days. The Vox Cinemas Riyadh Park will include four screens located within the largest Magic Planet Family Entertainment Centre in the region.
MAF notes that content including animation, family-friendly films and educational movies will be available through a ‘unique and world-class portfolio of viewing experiences including the first Imax screen to exhibit movies and Vox Kids, the concept designed especially for young movie fans’.
Majid Al Futtaim has also already announced investments valued at $3.8bn across its various mall asset, fashion, leisure and retail offerings in Saudi Arabia, in support of the Kingdom’s Vision 2030.
“This commitment is expected to create more than 114,000 direct and indirect job opportunities. Vox Cinemas will join a growing stable of Majid Al Futtaim’s leading retail, leisure and entertainment brands operating across the Kingdom,” said Alain Bejjani, CEO of Majid Al Futtaim.
The new cinemas are expected to create approximately 3,000 direct jobs and will boost diversification in the Saudi economy Bejjani said.
Through its partnership with 20th Century Fox, the distribution arm of Majid Al Futtaim Cinemas will also be exclusively distributing Fox content to cinemas across Saudi Arabia. Later this year, the company plans to release movies including The Darkest Minds, The Predator and the James Cameron produced Alita Battle Angel.