Riyadh – Mubasher: Abdul Mohsen Al Hokair Group for Tourism and Development Company has signed a partnership agreement with Mexican movie theatre chain Cinepolis and Al Tayer group to establish and operate cinemas in the kingdom.

Al Hokair Group is to start licencing and regulatory approval procedures, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The Saudi Arabia-based firm seeks to build 300 screens in 15 Saudi cities in a bid to provide different concepts of cinema that comprise luxury, cinema for children, premium and DX4 shows in accordance with Islamic Sharia.

“Cinepolis is the fourth largest international cinema operator and the largest in Latin America as it operates 652 movie theatres in 14 countries all over the world,” the statement added.

Sami Al Hokair, the company’s managing director, had previously stated that there were plans to expand in the region through launching new recreational centres.

On Wednesday, Al Hokair Group noted that it turned to loss after incurring SAR 7.52 million in the first quarter of 2018, against posting a profit of SAR 8 million in the same quarter a year earlier.

By 10:25 am Saudi time, the stock fell 0.96% to SAR 22.80.