SYS-CON MEDIA Authors: Pat Romanski, Gary Arora, Zakia Bouachraoui, Yeshim Deniz, Liz McMillan

News Feed Item

IMAX Eyes Expansion In Saudi Arabia; Signs Multi-Theatre Deal With VOX Cinemas

As Kingdom Opens Market to Movie Theatres, Middle East's Leading Exhibitor Will Bring IMAX Commercial Theatres to Saudi Arabia

DUBAI, United Arab Emirates and RIYADH, Saudi Arabia, May 15, 2018 /PRNewswire/ -- Following the news that Saudi Arabia's Ministry of Culture and Information will be opening up the Kingdom to movie theatres in 2018 for the first time in 35 years, IMAX Corporation (NYSE: IMAX) and VOX Cinemas, the Middle East's largest and most rapidly growing cinema exhibitor, today announced a sales agreement for a minimum of four new IMAX® theatres in Saudi Arabia. Four theatres will be added to new multiplexes in Riyadh and other prime locations at some of the Kingdom's most prominent shopping malls including those owned by VOX Cinemas' parent company, Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. 

The first IMAX theatre has opened at VOX Cinemas' new four-screen multiplex in Saudi Arabia at Riyadh Park Mall. VOX Cinemas was awarded its licence to operate cinemas in the Kingdom and plans to invest SAR2B (US$533.3M) to open 600 screens in Saudi Arabia over the next five years. In addition, IMAX theatres will be featured at VOX Cinemas in Majid Al Futtaim's City Centre Ishbiliyah and Mall of Saudi. Today's agreement brings the IMAX contracted network in Saudi Arabia to at least five, with two currently open, as IMAX also operates the IMAX® dome theatre at the Sultan Bin Abdul Science Center in Al-Khobar, which opened in 2005.

IMAX already has a substantial footprint in the Middle East, with VOX Cinemas operating several successful IMAX locations regionally, including Mall of the Emirates (Dubai), City Centre Qurum (Oman), City Centre Bahrain (Bahrain) and City Centre Beirut (Lebanon). IMAX first entered the Middle East in 2000, with the IMAX theatre at the Scientific Centre of Kuwait and today has a total of 32 contracted theatres in the region, inclusive of today's agreement, of which 20 are currently open.

"Saudi Arabia presents an exciting and sizeable new growth opportunity for IMAX, and today's agreement with our long-time partners at VOX Cinemas marks an important first step in our efforts to capitalize on this untapped market," said IMAX CEO Richard L. Gelfond. "IMAX began delivering awe-inspiring cinematic experiences to audiences in Saudi Arabia in 2005 as the sole operating theatre in the country. We've been closely following the economic and cultural developments in the market and look forward to playing a key role in the growth of the Kingdom's emerging entertainment sector."

Cameron Mitchell, Chief Executive Officer of Majid Al Futtaim Cinemas commented: "We're thrilled to bring IMAX to commercial theatres in KSA for the first time. We thank the Saudi Government for the faith they have placed in us and we look forward to contributing to the Saudi Vision 2030 as we support the growth of their new cinema sector."

Mitchell continued: "We are investing heavily in creating an exceptional movie-watching experience for cinema goers in Saudi - incorporating not just the latest movie content, but also top-quality food and beverage, superior customer service and cutting-edge technology. Our Net Promoter Score platform ensures that we gauge all our guests' feedback and continue to provide an experience that exceeds their expectations and the market standards."     

VOX Cinemas currently operates 322 screens across eight countries in the region.  The experience-focused exhibitor was also recognized on the international stage as the recipient of the CinemaCon Global Achievement in Cinema award in 2017. Offering world-class experiences tailored to each territory, VOX Cinemas has a highly successful partnership with IMAX across many of its best-performing locations in the Gulf Cooperation Council.

The announcement follows IMAX's signing of a Memorandum of Understanding with Saudi Arabia's General Culture Authority (GCA) on May 12 at the Cannes Film Festival. The GCA and IMAX will jointly seek opportunities to help Saudi studios and directors release films with cross-border appeal and eventually tap IMAX's global distribution platform to export their films to non-Arabic markets.

Note to the Editor: The legal name of this company is "Majid Al Futtaim" and should not be shortened or replaced by an acronym to avoid confusion with another business entity.

Disclaimer: All facts and figures in this release are accurate at the time of issuance.

About Majid Al Futtaim Cinemas
VOX Cinemas is the Middle East's most innovative and customer-focused cinema exhibitor.  Owned and operated by Majid Al Futtaim Cinemas, VOX Cinemas is the cinema arm of Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa. With 33 cinema complexes totalling 322 screens across the region, including 163 screens in the UAE, 15 screens in Lebanon, 47 screens in Oman, 30 screens in Bahrain, 28 screens in Egypt, 17 in Kuwait and four in KSA, VOX Cinemas is now the Middle East's largest and most rapidly growing cinema exhibitor. 

The company is undergoing a 1.2 billion Dirham investment that will see the company expand to operate 600 screens across 50 locations in the region by 2020. Tailoring every cinema location to the surrounding market place and customer preferences, VOX Cinemas offers a mix of cinema experiences including two luxury cinema concepts, THEATRE by Rhodes and GOLD by Rhodes which are collaborations with Michelin-starred Chef Gary Rhodes. Taking the MAX big screen cinema to the next level, VOX Cinemas currently operates the Middle East's largest cinema screen in the region at the Virgin Radio MAX screen in City Centre Deira in Dubai. VOX Cinemas also has the very first and only IMAX with Laser screen in the Middle East, holds the Middle East's exclusive rights to the immersive 4DX experience, and operates KIDS, the very first cinema in the Middle East dedicated to kids having fun. VOX Cinemas also recently introduced OUTDOOR, the first open air VOX Cinemas in the region located on Galleria Mall's Rooftop in Dubai for the cooler months of the year.

www.voxcinemas.com

About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia. A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 15 international markets, employing more than 40,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.

Majid Al Futtaim owns and operates 22 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in 38 markets across Middle East, Africa and Asia, and operates a portfolio of more than 230 outlets in 15 countries.

Majid Al Futtaim operates over 300 VOX Cinema screens and 32 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai, Orbi Dubai and Ski Egypt, among others. The Company is parent to the consumer finance company 'Najm', a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maison du Monde; and a healthcare business that operates City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.

www.majidalfuttaim.com

Please follow us on:
YouTube https://www.youtube.com/user/majidalfuttaim
Twitter https://twitter.com/majidalfuttaim                
LinkedIn https://www.linkedin.com/company/majid-al-futtaim
Facebook https://www.facebook.com/MajidAlFuttaim
Instagram https://www.instagram.com/majidalfuttaim

About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of March 31, 2018, there were 1,382 IMAX theatre systems (1,286 commercial multiplexes, 12 commercial destinations, 84 institutional) operating in 77 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.

For additional information please contact:

Business Media:

IMAX Corporation – New York

Adam Davis

212-821-0116

[email protected]

 

Sloane & Company – New York

Whit Clay

212-446-1864

[email protected]

 

 

Investors:

IMAX Corporation – New York

Michael K. Mougias

212-821-0187

[email protected]

 

Entertainment Media:

Principal Communications Group – Los Angeles

Melissa Zukerman/Paul Pflug

323-658-1555

[email protected]

[email protected]

 

IMAX Logo. (PRNewsFoto/IMAX Corporation)

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/imax-eyes-expansion-in-saudi-arabia-signs-multi-theatre-deal-with-vox-cinemas-300648372.html

SOURCE IMAX Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
While a hybrid cloud can ease that transition, designing and deploy that hybrid cloud still offers challenges for organizations concerned about lack of available cloud skillsets within their organization. Managed service providers offer a unique opportunity to fill those gaps and get organizations of all sizes on a hybrid cloud that meets their comfort level, while delivering enhanced benefits for cost, efficiency, agility, mobility, and elasticity.
Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software with the simplicity and reach of the open web. With staff in 10 timezones, Isomorphic provides a global network of services related to our technology, with offerings ranging from turnkey application development to SLA-backed enterprise support. Leadin...
DevOps has long focused on reinventing the SDLC (e.g. with CI/CD, ARA, pipeline automation etc.), while reinvention of IT Ops has lagged. However, new approaches like Site Reliability Engineering, Observability, Containerization, Operations Analytics, and ML/AI are driving a resurgence of IT Ops. In this session our expert panel will focus on how these new ideas are [putting the Ops back in DevOps orbringing modern IT Ops to DevOps].
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Most organizations are awash today in data and IT systems, yet they're still struggling mightily to use these invaluable assets to meet the rising demand for new digital solutions and customer experiences that drive innovation and growth. What's lacking are potent and effective ways to rapidly combine together on-premises IT and the numerous commercial clouds that the average organization has in place today into effective new business solutions.
Concerns about security, downtime and latency, budgets, and general unfamiliarity with cloud technologies continue to create hesitation for many organizations that truly need to be developing a cloud strategy. Hybrid cloud solutions are helping to elevate those concerns by enabling the combination or orchestration of two or more platforms, including on-premise infrastructure, private clouds and/or third-party, public cloud services. This gives organizations more comfort to begin their digital tr...
Keeping an application running at scale can be a daunting task. When do you need to add more capacity? Larger databases? Additional servers? These questions get harder as the complexity of your application grows. Microservice based architectures and cloud-based dynamic infrastructures are technologies that help you keep your application running with high availability, even during times of extreme scaling. But real cloud success, at scale, requires much more than a basic lift-and-shift migrati...
David Friend is the co-founder and CEO of Wasabi, the hot cloud storage company that delivers fast, low-cost, and reliable cloud storage. Prior to Wasabi, David co-founded Carbonite, one of the world's leading cloud backup companies. A successful tech entrepreneur for more than 30 years, David got his start at ARP Instruments, a manufacturer of synthesizers for rock bands, where he worked with leading musicians of the day like Stevie Wonder, Pete Townsend of The Who, and Led Zeppelin. David has ...
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Addteq is a leader in providing business solutions to Enterprise clients. Addteq has been in the business for more than 10 years. Through the use of DevOps automation, Addteq strives on creating innovative solutions to solve business processes. Clients depend on Addteq to modernize the software delivery process by providing Atlassian solutions, create custom add-ons, conduct training, offer hosting, perform DevOps services, and provide overall support services.
Contino is a global technical consultancy that helps highly-regulated enterprises transform faster, modernizing their way of working through DevOps and cloud computing. They focus on building capability and assisting our clients to in-source strategic technology capability so they get to market quickly and build their own innovation engine.
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...