From the Newsroom
São Paulo – Investments in movie theaters in the countries of the Gulf Cooperation Council (GCC) have reached USD 3.54 billion, according to a statement released this Tuesday (18) by GM Events, the company organizing, on October 28 and 29, the first MENA Cinema Forum, in Dubai, United Arab Emirates. The GCC includes Saudi Arabia, Bahrain, Qatar, UAE, Kuwait and Oman.
From this total, USD 3.24 billion is going to Saudi Arabia, which recently authorized the reopening of movie theaters, after 35 years of prohibition. In all, 300 movie theaters are expected to open in the country until 2030.
With the opening of this new market, the sector’s revenues in the region should go from USD 26.4 billion – the amount registered in 2016 – to USD 35 billion in 2020, according to an estimate by PriceWaterhouseCoopers, mentioned in the statement. The MENA Cinema Forum will be a business conference of the sector.
Translated by Sérgio Kakitani