Two more cinemas have been opened in Saudi Arabia by Luxury Entertainment, a joint venture of Al Mohsen Al Hokair Group, (Al Hokair Group).
The two Cinepolis cinemas, in Dammam and Jeddah, were opened on Monday by Luxury Entertainment, a joint venture in which Al Hokair Group has a 31 percent share.
“Opening these two locations is part of the company’s ambitious plan to expand its cinema business in more cities around the Kingdom of Saudi Arabia in the coming years,” Al Hokair Group said in its statement.
The financial impact will be seen in the company’s first quarter of 2021 results, the statement said.
The decades-long ban on cinemas in the kingdom ended when the first movie theatres were opened there in April 2018.
New screens continued to open in the country last year despite the heavy impact of the COVID-19 pandemic on live entertainment.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021