Dubai – Mubasher: Dubai-based Majid Al Futtaim Group plans to invest SAR 2 billion ($533 million) in the cinema industry in Saudi Arabia, CEO Alain Bejjani said.

Majid Al Futtaim, which operates the franchise of French retailer Carrefour in the Middle East, also eyes inaugurating not less than 600 screenings in the kingdom, Bejjani told CNBC Arabia during an interview.

The first cinema will be opened in Riyadh Park during the coming week, the CEO added.

The Emirati firm also aims to implement expansions in Carrefour retails in Saudi Arabia, in addition to establishing two malls, namely the City Centre Ishbiliyah which is under construction and Mall of Saudi that will be built after Islam's holy month of Ramadan.

It's worth noting that the Cinema sector will boost the Saudi economy by raising the volume of the media market.

It will also spur economic growth and diversification through adding more than SAR 90 billion to the gross domestic product (GDP), in addition to creating more than 30,000 permanent job opportunities, and more than 130,000 temporary jobs by 2030.