RIYADH, Saudi Arabia and DUBAI, UAE, September 5, 2018 /PRNewswire/ --
Dar Al Arkan, the largest listed real estate developer in the Kingdom of Saudi Arabia, announced today that it has signed an agreement with the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, Majid Al Futtaim, to open VOX Cinemas multiplex in Saudi Arabia.
The deal was officially signed in Riyadh and works have started immediately. VOX Cinemas will operate the new 15-screen multiplex at Dar Al Arkan's Al Qasr Mall in the Saudi capital. The multiplex is scheduled to open in the first quarter of 2019 and will include VOX Cinemas' signature KIDS and MAX experiences. KIDS is a family-friendly movie environment designed for little movie fans, and MAX is the mega-screen made for big blockbuster viewing.
The design involves a major retail transformation of an existing section of the mall for the brand-new 15-screen multiplex, which will offer a superior leisure experience to the mall visitors. The addition of more outlets for casual dining and entertainment, including indoor bowling will enhance the visitors' experience at the mall.
At its contemporary four-storey building, Al Qasr Mall hosts regional and international high-street favourites, diverse dining experiences providing myriad options in food and beverage outlets, a food court for quick bites, indoor fun zone for children and Carrefour Hypermarket to shop home-essentials.
Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Development, revealed the plans for the mall visitors, saying: "Majid Al Futtaim is a perfect partner that will help us create a unique experience at Al Qasr Mall for Riyadh residents and visitors. The company is considered the largest cinema operator in the region. It offers the most innovative and customer focused cinema experience, including the latest cinematic technology and a range of different cinema concepts to suit different consumer expectations. Al Qasr Mall is an ideal site for this new feature in family entertainment and is expected to become a celebrated addition to our existing and diverse selection of outlets that offer something for everyone."
He added: "These are exciting times for Saudi Arabia and we are delighted to be playing a small but significant part towards achieving the Kingdom's Vision 2030, which aims to build an entire ecosystem for arts, tourism and entertainment."
Kelvin Kwok Han Sim, Chief Executive Officer of Dar Al Arkan Development, said: "The new cinema complex will meet the expectations of our discerning guests and will feature the next generation technology fit for the current sophisticated and tech-savvy Saudi movie-buffs. This is a significant contribution and a novel addition to the evolving Saudi-cinema-culture. We are delighted to be partnering with Majid Al Futtaim on this exciting project in Riyadh."
Cameron Mitchell, Chief Executive Officer, Majid Al Futtaim Cinemas remarked: "We are pleased to partner with Dar Al Arkan on this exciting project. This is a significant opportunity for us to play an active role in contributing to Saudi Arabia's 2030 vision which places culture and entertainment at the heart of a quality of life for Saudi citizens and residents."
Mohamed Galal, Chief Executive Officer of Dar Al Arkan Assets Management, the company's retail and leasing division, concluded: "We are thrilled to be introducing the new entertainment complex at Al Qasr Mall, which will bring family entertainment and blockbuster movies to the doorsteps of film fans here in Riyadh. Our partnership with Majid Al Futtaim will bring exciting additions to Al Qasr Mall. Great care has gone into integrating the new complex with the existing modern retail facilities, to provide an exceptional choice in entertainment for families. When completed, the transformation in Al Qasr Mall will set a new standard for retail and family entertainment experiences for the people of Riyadh."
About Dar Al Arkan
Based in Riyadh (KSA), Dar Al Arkan (@DarAlArkanDev; #DarAlArkan) is a public shareholding company listed on the Saudi Stock Exchange (Tadawul). With SR10.8 billion in capital and SR26 billion in assets, we are one of the leading real estate companies in the Middle East.
Since its establishment in 1994, the company has been offering Saudi home owners, retail businesses and investors unique real estate opportunities that enhance and protect their wealth and preserve it for the next generation. The company enjoys a solid track record in delivering 15,000 residential units and 500,000 metres of commercial space in Saudi Arabia for over 24 years. We take pride in redefining the possibilities of commercial, living and mixed-use spaces.
While Dar Al Arkan runs diverse operations, real estate development remains the focus of its business. The company has succeeded in establishing new standards for commercial, residential and mixed-use projects; designed for a progressive lifestyle and delivered on time while following the best international standards in construction and maintenance.
Please follow us on: @DarAlArkanDev; #DarAlArkan
About Al Qasr Mall
Al Qasr Mall is located to the south of downtown Riyadh, just off King Fahd road. It was inaugurated in 2013 and soon became a major lifestyle and shopping destination in the capital.
Al Qasr Mall has an advanced design in its architecture and facilities, on par with international standards. The total area of the building is about 250,000 sq.m while the leasing area is 85,000 sq.m. It consists of four floors with more than 350 retail stores and a parking capacity for 1,846 cars, as well as 35,000 sq.m of open spaces that make spacious interior corridors in Al Qasr Mall.
About Majid Al Futtaim Cinemas
VOX Cinemas is the Middle East's most innovative and customer-focused cinema exhibitor. VOX Cinemas is the cinema arm of Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa. With 35 cinema complexes totaling 345 screens across the region, including 187 screens in the UAE, 15 screens in Lebanon, 47 screens in Oman, 30 screens in Bahrain, 28 screens in Egypt, 17 screens in Kuwait, and 4 screens in Saudi Arabia, VOX Cinemas is now the Middle East's largest and fastest growing cinema exhibitor.
The company is undergoing a 1.2 billion Dirham investment that will see the company expand to operate at least 800 screens across 60 locations in the region by 2020. Tailoring every cinema location to the surrounding market place and customer preferences, VOX Cinemas offers a mix of cinema experiences including two luxury cinema concepts, THEATRE by Rhodes and GOLD by Rhodes which are collaborations with Michelin-starred Chef Gary Rhodes. Taking the MAX big screen cinema to the next level, VOX Cinemas currently operates the Middle East's largest cinema screen in the region at the Virgin Radio MAX screen in City Centre Deira in Dubai. VOX Cinemas also has the very first and only IMAX with Laser screen in the Middle East, holds the Middle East's exclusive rights to the immersive 4DX experience, and operates KIDS, the very first cinema in the Middle East dedicated to kids having fun. VOX Cinemas also recently introduced OUTDOOR, the first open air VOX Cinemas in the region located on Galleria Mall's Rooftop in Dubai for the cooler months of the year.
Note to the Editor: The legal name of this company is "Majid Al Futtaim" and should not be shortened or replaced by an acronym to avoid confusion with another business entity.
Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 15 international markets, employing more than 40,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.
Majid Al Futtaim owns and operates 23 shopping malls, 13 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company is the exclusive franchisee for Carrefour in 38 markets across Middle East, Africa and Asia, and operates a portfolio of more than 230 outlets in 15 countries.
Majid Al Futtaim operates 345 VOX Cinema screens and 34 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai, Orbi Dubai and Ski Egypt, among others. The Company is parent to the consumer finance company 'Najm', a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints, lululemon athletica, Crate & Barrel and Maisons du Monde. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
SOURCE Dar Al Arkan