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IMAX inks MOU to develop films in Saudi Arabia

IMAX Corp. teamed up with Saudi Arabia's General Culture Authority to look for opportunities to identify and develop local IMAX format films.

The nonbinding agreement is part of the General Culture Authority's efforts to develop a sustainable film industry in the kingdom, according to a May 12 news release.

As part of the nonexclusive memorandum of understanding, the General Culture Authority and IMAX will seek to help Saudi studios and directors release films and use IMAX's global distribution platform to release their films in non-Arabic markets.

On April 30, IMAX opened its first commercial multiplex theater with VOX Cinemas in Riyadh. The company expects to build about 15 to 20 IMAX theaters in Saudi Arabia during the coming years.

AMC Entertainment Holdings Inc. opened its first movie theater in Saudi Arabia on April 18.