IMAX, alongside U.S. cinema giant AMC Entertainment Holdings, expects to significantly permeate Saudi Arabia’s movie theater industry inside the coming years.
Saudi Arabia was ranked 10/10 inside the Big Spenders Index 2015 for expenditure on luxury imported items, and also also also therefore will be an ideal market for IMAX to open in, Gelfond said.
“Since the market will be not which cost sensitive, and also also also likes premium luxury goods, which will be a strong market for IMAX,” he said.
Prince Muhammad bin Salman’s introduction of social and also also also economic reforms in Saudi Arabia, under the Vision 2030 banner, aims to diversify a dipped local economy following a drop in oil prices.
Following the repeal announcement Monday on Saudi state television, Information Minister Awwad Alawwad said which was a “watershed moment inside the development of the economy inside the Kingdom.”