UAE-based Emaar Entertainment has announced $270m Reel Cinemas roll-out in Saudi Arabia with plans for more than 20 venues, with the first site in Riyadh set to open in December and the remainder to open within five years.
Emaar Entertainment and Saudi-based GOSI Investment Ventures announced a partnership after the General Authority for Audio-Visual Media delivered the licence to Emaar Entertainment Saudi to operate Reel Cinemas in the kingdom.
An official statement said: "The ambitious plan will chart the future of entertainment and diversity in Saudi Arabia which will undoubtedly create career opportunities through the $270 million (SR1 billion) investment.”
Ahmad Matrooshi, executive board member of Emaar Properties, was quoted as saying: “We are proud to bring a world-class entertainment experience to Riyadh with our first ReelCinemas location which will open in 2021. We are confident that our partnership with GOSI Investment Ventures will provide our guests with innovative cinema formats tailored for every taste, a testament to Reel Cinemas’ brand ethos.
"Riyadh is internationally recognised for its strong heritage in art and culture and the new Reel Cinemas in Riyadh will bring another aspect of entertainment to residents and visitors alike.”