Riyadh (March 01, 2018): Saudi Arabia is fastly moving towards change as they have started issuing licenses to run cinemas in the kingdom ahead of their reopening after a decades-long ban was lifted as part of a far-reaching liberalization drive.
The move is another step towards opening the Saudi market to regional and international theatre chains, which have long eyed the kingdom as the Middle East’s last untapped mass market.
The culture and information ministry said it had “finalized the terms of licensing to restore cinema in Saudi Arabia”. “Licencing commences immediately,” the ministry added in a statement.
In December, US giant AMC Entertainment signed a non-binding agreement with Saudi Arabia’s vast Public Investment Fund to build and operate cinemas across the kingdom.
The move to reopen cinemas is part of a modernization drive by Crown Prince Mohammed bin Salman, who is seeking to balance unpopular subsidy cuts in an era of low oil prices with more entertainment options — despite opposition from religious hardliners.
The reform stems partly from an economic motive to boost domestic spending on entertainment as the kingdom reels from a protracted slump in oil prices.
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