Saudi film forum raises curtain on new-look cinema

The forum will bring together key stakeholders across the design, construction and technology sectors to discuss the latest techniques of building world-class cinemas. (Supplied)
Updated 18 March 2019
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Saudi film forum raises curtain on new-look cinema

  • Cinema Build KSA will gather experts from around the world to be a part of Saudi plans to open more than 2,500 screens in the next five years

RIYADH: Saudi entrepreneurs will be shown the latest advances in global cinema design and construction at a major forum in Riyadh next month.
The Cinema Build KSA forum on April 14-15 at the Four Seasons hotel in Riyadh comes as the world eyes Saudi Arabia’s efforts to unlock the massive potential of its cinema market as part of wide-ranging Vision 2030 economic reforms.     
The Kingdom is set to have almost 350 cinemas with more than 2,500 screens creating more than 30,000 jobs.
The cinema forum, organized by  Eyes of Cities in collaboration with  Great Minds Event Management, will bring together key stakeholders across the design, construction and technology sectors to discuss the latest techniques of building world-class cinemas.
The event will  also highlight new building solutions and equipment used in developing future cinemas, multiplexes and malls.    
General Commission of Audiovisual Media (GCAM) CEO Bader Al-Zahrani said: “The cinema sector in Saudi Arabia will see significant growth, especially with the commission’s efforts to promote national and foreign investment in the sector.”
GCAM is working toward achieving Quality of Life Program’s goal by opening 45 cinemas by 2020, said Al-Zahrani, who will inaugurate the Cinema Build KSA forum and deliver the opening speech.
Cinema Build KSA will gather experts from around the world to be a part of Saudi plans to open more than 2,500 screens in the next five years.
With licenses being issued to the first set of exhibitors, authorities are setting up a road map to achieve their goal of becoming leaders in developing world-class cinemas.     
Commenting on Cinema Build KSA, Leila Masinaei, managing partner at Great Minds Group, said: “The cinema industry in the MENA region is undergoing a massive expansion. The lifting of the 35-year cinema ban in KSA, rapid population growth and urbanization, and the regional focus on economic diversification and new strategies that focus on the leisure and entertainment sectors are among key factors for this growth.”


High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 7 min 37 sec ago
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High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.