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IMAX inks theater deal in Saudi Arabia

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IMAX inks theater deal in Saudi Arabia

IMAX Corp. inked a sales deal with VOX Cinemas, a cinema exhibitor in the Middle East, for a minimum of four new IMAX theaters in Saudi Arabia.

The theaters will be installed at new multiplexes in Riyadh and other locations such as shopping malls, including those owned by VOX Cinemas' parent company, Majid Al Futtaim, the companies said May 15. The first IMAX theater has opened at VOX Cinemas' new four-screen multiplex in Saudi Arabia at Riyadh Park Mall.

VOX Cinemas received a license to operate cinemas in the kingdom and plans to invest $533.3 million to open 600 screens in Saudi Arabia over the next five years. The agreement increased IMAX's contracted network in Saudi Arabia to at least five theaters, with two currently open.

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

VOX Cinemas operates 322 screens across eight countries in the Middle East.