Saudi Arabia’s Ministry of Culture and Information has approved licensing regulations for cinema activities across the kingdom as international firms gear up to enter the market.

The terms of licensing include three types of cinema licenses, according to a statement on the Ministry of Culture and Information website. These are:

1) A licence for the establishment of a cinema venue

2) A licence to practice exhibitions in cinemas

3) A licence to operate cinemas in both fixed and temporary categories.

In December, Saudi Arabia announced that it had lifted a 35-year ban on cinemas, and more than 300 cinemas are expected to open by 2030, according to the government, contributing around $24 billion to the economy. The first theatres could start showing films this month.

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF) also announced in December an alliance with the United States-based movie exhibition company AMC Entertainment Holdings to enter the cinema business. (Read more here).

The move is expected to open up the Saudi entertainment market to new leisure activities as the kingdom aims to invigorate its domestic tourism industry. Consumers in Saudi Arabia are set to boost spending on the entertainment sector to 36 billion Saudi riyals ($9.6 billion) by 2030. (Read more here).

The kingdom is also planning to double the number of entertainment events in 2018, with more than 5,000 shows, festivals and concerts set to take place this year. (Read more here).

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(Reporting by Nada Al Rifai; Editing by Michael Fahy)

(nada.rifai@thomsonreuters.com)

 

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