The upscale "iPic Entertainment" brand in the field of films is moving to invest in Saudi Arabia.
The Los Angeles Times posted a report, in this context, translated by TheRiyadhPost, confirming that the luxury cinema company had taken a big step towards taking advantage of the film market in the kingdom, after three months from the lift of a 35-year-old ban on cinemas.
This came after "ipic" confirmed that it has concluded a partnership agreement with the Saudi company "BAS Global Investments" to develop cinemas and restaurants throughout the country.
The company, led by chief executive and founder Hamid Hashemi, added that "Boca Raton company" in Florida could open up to 30 licensed theatres in the kingdom in the next 10 years.
The report indicates that the new theaters in Saudi Arabia will be the first international locations for iPic, which runs theaters around 115 screens in the states including California, New York, and Arizona.
In the same context, Hashemi said that Saudi Arabia is expected to see about one billion dollars in profits from annual ticket sales.
The first iPic theaters are expected to open in Saudi Arabia over the next 18 months.
In a related context, US exhibitors praised the announcement, which is expected to open a promising market for the cinema industry.
Last December, “AMC Entertainment” has announced that it had signed an agreement with the Public Investment Fund of Saudi Arabia to explore investment opportunities in the Kingdom.