IMAX ready to open in Saudi Arabia

Giant screen operator IMAX says it is ready to tap into the recent relaxation by Saudi Arabia of its 35-year restrictions on cinemas in the kingdom.

IMAX CEO Richard Gelfond says that the theatre chain is already in discussions and could be announcing a deal before the end of this year.

“For the size of this market, there’s a big opportunity. We could have 15 to 20 theatres over the next three years in Saudi Arabia and open the first one in 2018,” he added, speaking to CNBC. “Since the market is not that price sensitive, and likes premium luxury goods, this will be a strong market for IMAX,” Gelfond added.

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