Media Release
Dubai, Dec 15: Indywood Film Carnival's ambitious project of 10 billion US dollar, Project Indywood, backed by 2000 billionaires and corporates has lauded Saudi Arabia's move to set up cinemas. Indywood officials announced that it will join hands with the government of Saudi Arabia to establish top-notch cinemas, home cinemas apart from organizing film festivals, talent clubs and film market expos to accelerate the growth of entertainment sector in the region.
Interestingly, the third edition of Indywood Film Carnival held from December 1 to 4 at Ramoji Film City, Hyderabad, highlighted the significance of setting up cinemas in Saudi Arabia. An announcement was also made on December 4.
"We had emphasized the importance of opening up cinemas in the Kingdom of Saudi Arabia one week before the official announcement," pointed out Indywood founder director also chairman and CEO of UAE-based Aries Group, Sohan Roy. "Entertainment is the sunrise sector for the Gulf region and should be utilized wisely. Saudi government's move will give fresh impetus to entertainment sector in the Gulf region and would attract leading players to invest.
"The opening of cinemas will propel overall growth of the kingdom said Sohan Roy and will be listed as one of the top influential Indian business leaders in the Arab world by Forbes Middle East. Saudis currently travel to other countries (United Arab Emirates, Bahrain etc) for entertainment purpose. Once cinemas open here, they will spend their money to watch movies, shop and refreshments in Saudi itself. It will accelerate economic growth of the kingdom and help to generate job opportunities.
"Indywood will take a lead role to utilize the untapped Saudi entertainment market through innovative ventures which will offer world-class entertainment. We will also work out the possibility of movie co-production.
Project Indywood aims at initiating 10,000 new 4K projection multiplex screens, 100,000 2K/4K projection home cinemas, 8K/4K film studios, 100 animation/VFX studios and film schools conforming to international standards.
Saudi Arabia lifted a 35-year-old ban on cinemas on December 11. The first movie theatres are expected to open next March. The government said it is expected to open more than 300 cinemas with more than 2,000 screens by 2030, building an industry that would contribute more than SAR90bn ($24bn) to the economy and create 30,000 permanent jobs.