12 February 2018, London: Vue International is delighted to announce that it is bringing the new era of cinema and big screen entertainment to the Kingdom of Saudi Arabia.
An exclusive memorandum of understanding has been signed with the highly respected and internationally recognised Abdulmohsin Al Hokair Holding Group. Al Hokair are well known for the construction and operation of high-quality and innovative leisure and hospitality complexes. The Group currently own and operate 3 shopping centres, 79 entertainment centres and 45 prestigious hotels in the Kingdom of Saudi Arabia, United Arab Emirates, Turkey and Egypt. By establishing partnerships with top global companies, Al Hokair is a leader in the tourism and entertainment industry in the region.
The combined expertise of Vue International and Al Hokair will see the creation of up to 30 world class multiplex cinemas in existing and new developments over the next three years, featuring best-in-class seats, screen and sound experiences. The proposed Joint Venture is expected to deliver best in class cinemas with the standards of Vue's flagship sites internationally in London, such as Vue West End and Westfield.
Tim Richards, Founder and Chief Executive, Vue International commented:
"This is a huge moment in the history of global cinema development for the exhibition industry and we are honoured to be partnering with such a well regarded and prestigious operator. Cinema has been an exciting form of out of home entertainment for over 100 years and the opening up of the Kingdom is testament to the industry's continuing growth and resilience. We are delighted to have been chosen to lead in the development of world-class cinemas and the big screen experience in Saudi Arabia. Our combined experience is world-class and we have some incredible plans in place and are excited about what lies ahead".
Majed Al Hokair, CEO Al Hokair Holding Group commented:
"We are delighted to be working with Vue International and leading the development of Saudi Arabia's world-leading cinema industry together. Led by Tim Richards and the management team, Vue International brings more than 30 years' experience in out-of-home entertainment and together we will deliver a gold standard cinema experience for Saudi people across the Kingdom".
The memorandum of understanding follows the announcement in December 2017 by Saudi Arabia's ministry of culture and information to lift a ban on commercial cinemas for the first time in 35 years. Vue International was the only operator to be invited to attend the Future Investment Initiative (FII) and subsequent discussions held in Riyadh. Since October 2017 Vue has participated in a number of high level meetings and conversations on building and operating state-of-the-art multiplex cinemas in the region.
Discussions are ongoing between the parties on the detailed structure and parameters of the Joint Venture and further information will be shared once these discussions have concluded. It is expected that the first cinema could welcome its first guests as early as 2018.
Brunswick Group LLP
+44 207 404 5959