Cineco mulls Saudi investment

Manama : The entertainment landscape of Saudi Arabia is all set to witness large and dramatic changes with Bahraini investors poised to play a major role, revealed a senior official here. 

“We are just waiting for the official go ahead to kick start projects,” the official was quoted as saying by London-based Arabic daily Al Hayat. 

The report further claims that “Bahrain Cinema Company (Cineco) has received multiple offers from Saudi malls to open cinema halls.”

The report, citing Cineco Board of Directors Chairman Dr. Essam Fakhro, also adds that the company is considering various options to enter the Saudi Market if opening ‘cinema halls is allowed’. 

Al Hayat also claims that Cineco is coordinating with parties in Saudi Arabia for its future operations. Supporting its claims, Al Hayat points out that new commercial malls are being constructed in different parts of Saudi Arabia with sufficient space allocated for cinema halls as they are expecting an official go ahead in this regard soon. 

A General Authority for Entertainment was established in Saudi Arabia last year following the instructions of Saudi Deputy Crown Prince, Second Deputy Premier and Defence Minister Prince Mohammed bin Salman Al Saud. It’s believed that the authority would regulate cinemas and artistic shows. But no official confirmation is available. 

It’s noteworthy that hundreds of Saudi citizens and residents visit Bahrain on weekends to watch the latest movies in cinema halls here, as it is banned in Saudi Arabia. According to the latest statistics, the majority of cinema customers in Bahrain during public holidays are from the neighbouring Kingdom.