The British Company Stops Movie Theaters Project in Saudi Arabia
The British company Vue has decided to stop its project in Saudi Arabia, which consists of 30 movie theaters.
We’re like other companies in other parts of the world,, said Tim Richards, Vue’s Executive Director and founder. We monitor and share the concerns of other companies. All this happened very quickly. We want to watch what will happen in the next few weeks. ”
Richards also said he would not participate in an investment conference (Future Investment Initiative), which will be held in Riyadh on October 23-25, under the auspices of Crown Prince Mohammed bin Selman of Saudi Arabia.
In December last year, the Saudi administration reported that a total of 300 cinemas were planned to be opened in the country by 2030.
Following the lifting of the ban on cinema in Saudi Arabia, Vue signed an agreement with the Saudi group in February for the realization of the project.
British investor Richard Branson, the founder of the British investment and technology company Virgin Group, announced that he had decided to suspend his executive position in two tourism projects in Saudi Arabia following the disappearance of Saudi journalist Jamal Khashoggi
Branson said, While the investigation into Jamal Khashoggi continues and I do not know where he is, I will suspend my directorate of two tourism projects (in Saudi Arabia). As Virgin, we will also suspend negotiations with the Saudi Arabian Public Investment Fund on the investment offer to our space companies, Virgin Galactic and Virgin Orbit. ’
The London Stock Exchange (LSE) Chief Executive David Schwimmer announced on 23-25 October that he would not attend the international investment meeting in Saudi Arabia.