Big-screen business in Saudi Arabia will be billion-dollar industry by 2030

Saudi Arabia is expected to become a significant box office market. (AFP)
Updated 23 September 2018
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Big-screen business in Saudi Arabia will be billion-dollar industry by 2030

  • Saudi has huge opportunities and is expected to become a significant box office market worth $1 billion (SR3.75 billion)

DUBAI: The big-screen business in Saudi Arabia will be a billion-dollar industry by 2030, according to experts, as regional and global movie operators queue up for a ticket into the Kingdom’s hugely profitable movie market.
Saudi Arabia is expected to amass the largest share of the cinema business in the Arabian Gulf region by 2030, with hundred of cinemas and thousands of screens set to open across the Kingdom over the next 12 years.
Within months of Saudi Arabia formally ending a 35-year-long ban on cinemas, three cinema operation licenses were awarded to operate in the Kingdom, the first was to AMC Theaters, an American chain owned and operated by Wanda Group. It opened the Kingdom’s first modern cinema on April 18 and plans to open around 40 cinemas in 15 cities in Saudi Arabia over the next five years, and between 50 to 100 cinemas in about 25 cities by 2030.
Shortly after, the second license was awarded to VOX Cinemas, now one of Saudi Arabia’s biggest movie operators. It plans to open 600 screens in Saudi Arabia in the next five years, the same number of screens as the company’s regional footprint combined.
In July, it was announced the the third license had been awarded to the Al-Rashed United Group — Empire Cinema — which plans to build 30 theaters in the country over the next three years. And last month, a fourth license was awarded to Lux Entertainment Co., which plans to open 300 cinemas across the Kingdom within five years.
VOX, which plans to open 80 new screens over the next 12 months, says the Kingdom will form half of its overall revenues in the Middle East over the next five years.
“Saudi has huge opportunities and is expected to become a significant box office market worth $1 billion (SR3.75 billion),” said Cameron Mitchell, CEO of Majid Al-Futtaim Cinemas, of which VOX Cinemas is a subsidiary.
He said the Kingdom’s box-office market is expected to become “one of the largest” in the world, with a majority of its 32-million population under the age of 30. “The market is massive and full of opportunities as the population is young and enthusiastic about cinema.”
Will Saudi Arabia ever host the world premiere of a Hollywood movie? No one’s saying right now, but with such a covetable box-office market, it may only be a matter of time.


Houthi threat to holy sites in Makkah condemned

Updated 56 min 13 sec ago
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Houthi threat to holy sites in Makkah condemned

  • Iran-backed militias have no qualms about attacking the holiest place in Islam, says analyst
  • This is not the first time that Houthi militias have targeted Makkah, having fired on the city in July 2017

JEDDAH: The Royal Saudi Air Defense Forces intercepted and destroyed two missiles launched from Yemen by Iran-aligned Houthi militias on Monday. 

The missiles were reported to have been heading toward Makkah and Jeddah. 

A spokesman for the Arab Coalition said that the missiles were destroyed over Taif in the early morning, and that fragments from the first projectile had landed in Wadi Jalil, a valley that extends toward Makkah.

Residents in Jeddah told Arab News that they heard a loud blast early on Monday morning.

This is not the first time that Houthi militias have targeted Makkah, having fired on the city in July 2017.

Videos circulating on social media reportedly show the second missile being intercepted and destroyed in the skies over King Abdulaziz International Airport.

Bahrain’s Foreign Ministry denounced the Houthi attack and commended the Royal Saudi Air Defense Forces for their vigilance. 

Dr. Hamdan Al-Shehri, a Riyadh-based Saudi political analyst and international relations scholar, said: “This isn’t the first time that the Houthis and their masters in Tehran have fired missiles close to the holy city of Makkah.” 

They have no qualms about attacking the holiest place in Islam, he added. 

“They care nothing for the sanctity of the holy month of Ramadan. What they did today, and what they did in the past, clearly reveal their sinister designs to strike at the heart of the Muslim world,” Al-Shehri said.

“Now is the time for all Muslim nations in the world to come to the defense of the holy land. Our sacred places are under attack from Iran, the Houthis and their militias,” he added.

“Mere condemnation won’t do. Iran and the Houthis have crossed a red line, and this calls for deterrent action against Tehran,” he said.

Yemen’s internationally recognized government also condemned the Houthis’ attempt to target Makkah, calling it “a full-fledged terrorist attack.”

Monday’s aggression came as Saudi Arabia warned that recent drone attacks against its oil-pumping stations by the Houthis will jeopardize UN peace efforts in Yemen and lead to further escalation in the region.

Abdallah Al-Mouallimi, Saudi ambassador to the UN, said “seven explosive drones” directed by the Houthis attacked pumping stations on May 14 in the cities of Dawadmi and Afif “on the east-west oil pipeline that transfers Saudi oil to Yanbu port and to the rest of the world.”

He urged UN Security Council members, in a letter circulated on Monday, “to disarm this terrorist militia in order to prevent the escalation of these attacks which increase regional tensions and raise the risks of a broader regional confrontation.”

Al-Shehri said Monday’s attack is a reminder to Muslim nations about the clear and present danger from Iran.  “Tehran timed the attack just as King Salman has called for a meeting in Makkah to discuss the threat from Iran to the Muslim world,” Al-Shehri said.

Saudi security forces have intercepted and destroyed 227 ballistic missiles launched by the Houthis at the Kingdom since 2015.