IMAX Corporation (NYSE: IMAX) and muvi Cinemas, the largest exhibitor in Saudi Arabia, today announced their first-ever collaboration with an agreement for four new, state-of-the-art IMAX® with Laser systems across some of the biggest commercial centers in the country.
Under the agreement, muvi Cinemas will bring two IMAX systems to Saudi Arabia's capital and most populous city, Riyadh; one system to Jeddah's Mall of Arabia; and the first IMAX system to Dhahran. Three of the new locations are scheduled to open by the end of 2024, with an additional location to follow in 2025.
"Saudi Arabia is a market where the IMAX footprint has grown dramatically in recent years, and yet so much untapped potential still lies before us," said Rich Gelfond, CEO of IMAX. "This is a country with a passionate moviegoing audience that has embraced diverse fare in IMAX ranging from 'Oppenheimer' to 'Bad Boys' to international films and — by partnering with a premier, nationwide exhibitor like muvi — we are strengthening our ability to meet that strong demand."
IMAX currently has 10 open locations in Saudi Arabia, with another 22 slated to open inclusive of its partnership with muvi. IMAX estimates it can open at least 50 locations in the country. With the muvi agreement, IMAX now is in partnership with the top four exhibitors in Saudi Arabia.
IMAX shares ditched eight cents to $17.18.
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