Saudi Arabia Approves First Law For Cinema
The Saudi Ministry of Culture and Information announced on Thursday that it had finalised the terms of licensing to restore cinema in Saudi Arabia.
The move, part of the Vision 2030 initiative, opens up a domestic market of over 32 million people. It is anticipated that by 2030 the Kingdom will have opened more than 350 cinemas, with over 2,500 screens.
The cinema licensing regulations cover three types of licences: cinema venue development, exhibitor, and cinema venue operating. Licensing commences immediately.
In preparation, the Ministry studied and evaluated best practice regarding cinema regulation in a number of international markets and held extensive discussions with relevant Saudi authorities.
“Vision 2030 aims to provide shared experiences for Saudi families, which will drive our cultural economy and see an increase in families' spending on cultural and recreational activities from 2.9% to 6% by 2030,” said Dr Awwad Alawwad, Minister of Culture and Information.
"The restoration of cinema will be an important lever to reach this goal, stimulating economic growth and diversification, creating more jobs and enriching the entertainment options here in Saudi Arabia, the largest such market in the region,” Dr Alawwad said.
In February, Vue International – a cinema operator spanning 10 countries – agreed an MoU with Abdulmohsin Al Hokair Holding Group to explore the construction and operation of multiplex cinemas in Saudi Arabia.
Last November, AMC Entertainment – one of the world’s largest cinema operators – signed an MoU with the Saudi Public Investment Fund to explore commercial opportunities, hoping to be able to build and open a brand new cinema theatre by the end of this year.
In December, the Ministry announced that commercial cinemas would be allowed to operate in the Kingdom as of early 2018, for the first time in more than 35 years. The measure came as part of the Vision 2030 under the leadership of Crown Prince Mohammed bin Salman.
AMC CEO Adam Aron has called the December announcement a “historic moment for the theatrical exhibition industry” and said that it was a “a tremendous opportunity to connect AMC's movie products with the Kingdom of Saudi Arabia's more than 30 million citizens, many of whom we know are movie fans based on their regular visits to cinemas in neighboring countries."
CIC, Ministry of Culture and Information, Saudi Arabia
Mr. Essam Al-Ghalib, +966595455467
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
CONQUEST Completes the Financing of Its Sustainable Infrastructure Portfolio24.9.2018 13:18 | Tiedote
CONQUEST Asset Management (“CONQUEST”) announced it completed, on behalf of the Sustainable Infrastructure fund it manages, the financing of its solar photovoltaic assets portfolio. The transaction was closed with a major financial institution following a competitive selection process. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005404/en/ Photo Credit: Istock Prior to this transaction, CONQUEST had increased the size of its assets under management to circa 70MW as a result of 3 transactions closed in less than a year. This portfolio, located in the South of France, benefits from up to 20-year secured and inflation linked power purchase agreements from local incumbent utility EDF. “The financing market remains competitive across Western Europe for sustainable infrastructure. We are pleased with the outcome of this process and the quality of the project finance lenders and teams we managed to attract, which confirmed
L&T Technology Services (LTTS) wins USD 40 million Engineering Content Management (ECM) Deal in Europe24.9.2018 11:20 | Tiedote
L&T Technology Services Limited (NSE: LTTS), a leading global pure-play engineering services company, today announced that it has won a multi-year deal to provide digital content management services to a leading technology company’s industrial products segment. The deal is expected to run for a period of 5 years with an aggregate revenue potential of USD 40 million, covering Engineering Content Management (ECM) programs in the US and European regions. LTTS will leverage centers in Europe, US & India while assuming complete ownership and talent to manage content for all current and future product suites for the customer. This would include technical design specifications, diagnostic solutions for service engineers and product training for customers & engineers, thereby supporting the entire ECM cycle from product conceptualization to developing digital content platforms. “With engineering content becoming one of the cornerstones of digital transformation, this deal win highlights LTTS’
Prima Solutions Expands Product Offering and Geographical Reach Through the Acquisition of ICOD Inc.24.9.2018 11:00 | Tiedote
As part of its continuing growth strategy, Prima Solutions (Prima), the premier software platform for Property and Casualty insurers, has agreed to acquire ICOD Inc. (ICOD), the Canadian provider of software solutions for Life and Health insurance. Recognized as an established leader with its SN Assurance suite, ICOD offers a best-in class solution deliverable in SaaS or on premise. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005019/en/ The transaction, which closed on September 20th, accelerates Prima’s expansion into the Life and Health insurance market which is still largely using legacy technologies. The ICOD acquisition offers many synergies including: complementing Prima’s existing product offering, diversifying its customer base and expanding the platform for rapid growth in both Europe and North America. Hugues Delannoy, Chairman of Prima Solutions, said: "This acquisition provides a unique opportunity to ac
GE Renewable Energy Launches Cypress Onshore Wind Platform, Designed to Grow, Adapt, Thrive and Lower the Cost of Electricity for Customers24.9.2018 10:00 | Tiedote
GE Renewable Energy (NYSE:GE) today launched its new onshore turbine platform, named Cypress, and the next model from that platform, GE’s 5.3-158 turbine. The platform advances the proven technology of GE’s 2MW and 3MW fleets, which serves an installed base of nearly 20GW, while also utilizing architecture and innovations from the 4.8-158 turbine introduced in 2017. Cypress enables significant AEP improvements, increased efficiency in serviceability, improved logistics and siting potential, and ultimately more value for customers. It is designed to scale over time, enabling GE to offer a wider array of power ratings and hub heights to meet customer needs throughout the 5MW range. The platform also offers up to a 50 percent increase in AEP over the life of the platform versus GE’s 3MW turbines. It is the second major technology platform launch of the year for GE, which introduced the Haliade-X offshore turbine platform in March. This press release features multimedia. View the full rele
MarketSight Now Available in Six Languages24.9.2018 09:30 | Tiedote
MarketSight, LLC, a leading provider of data analysis and visualization solutions, has just introduced its award-winning solution in several new languages in its version 11.0 release. Originally available only in English, MarketSight is now being offered in French, German, Italian, Portuguese, and Spanish. MarketSight has always offered support for data in any language. With this new release, it becomes one of the only data analysis and visualization platforms for researchers offered with multiple language options. In addition to making MarketSight accessible to new users whose first language is not English, this new release also gives multilingual teams the ability to collaborate much more efficiently. Market research teams, consulting firms, and other global enterprises working in different languages can work on projects simultaneously while using MarketSight in the language they are most comfortable with. They can also share important findings with international clients through the
Cytox Expands Collaboration with AIBL to Identify Those Most at Risk to Rapidly Progress to Alzheimer’s24.9.2018 08:00 | Tiedote
Cytox, a precision medicine company which today is commercializing polygenic risk scoring (PRS) approaches for assessing genetic risk for developing Alzheimer’s disease (AD) and other neurological diseases, has announced it has expanded its research collaboration with the Australian Imaging, Biomarker & Lifestyle Flagship Study of Ageing (AIBL) to test new algorithms for identifying the pre-symptomatic and mild cognitively impaired people most at risk to progress to AD. Under the expanded agreement Cytox will assess genetic risk for accelerated development of AD using its current, commercially available, research use only approaches developed to run on the Thermo Fisher Scientific Applied Biosystems™ GeneTitan™ Multi-Channel (MC) instrument platform. AIBL will provide biobank samples together with associated longitudinal data from study research participants clinically diagnosed as cognitively normal, with mild cognitive impairment or with AD. Each subject has confirmed amyloid status
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme