RIYADH: Real estate developer Dar Al Arkan has announced that it has signed an agreement in Riyadh with Majid Al-Futtaim to open a VOX Cinemas multiplex in Saudi Arabia.
VOX will operate the new 15-screen multiplex, scheduled to open in the first quarter of 2019, at Dar Al Arkan’s Al-Qasr Mall in the Saudi Arabian capital. The project will also include outlets, restaurants and an indoor bowling alley.
Yousef bin Abdullah Al-Shelash, Dar Al Arkan chairman, said: “Majid Al-Futtaim is a perfect partner that will help us create a unique experience at Al-Qasr Mall for Riyadh residents and visitors.
“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 toward achieving the Kingdom’s Vision 2030, which aims to build an entire ecosystem for arts, tourism and entertainment.”
Kelvin Kwok Han Sim, CEO of Dar Al Arkan said: “The new cinema complex 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.”
Cinemas had been banned in the country since the early 1980s but were reopened earlier this year as part of reforms led by Crown Prince Mohammed bin Salman.
In April, Marvel’s “Black Panther” made history as the first new release in the Kingdom for 35 years.
While regional and international cinema chains are eyeing the Saudi market — keen to tap into the spending power of the country’s young population — VOX Cinemas is the largest cinema operator in the MENA region and the leading regional cinema operator in the Kingdom.
Dar Al Arkan signs deal with Majid Al-Futtaim for VOX Cinemas multiplex at Al-Qasr Mall in Riyadh
Dar Al Arkan signs deal with Majid Al-Futtaim for VOX Cinemas multiplex at Al-Qasr Mall in Riyadh
- VOX will operate the new 15-screen multiplex, scheduled to open in the first quarter of 2019
- VOX Cinemas is the largest cinema operator in the MENA region and the leading regional cinema operator in the Kingdom
Up to $600m in additional tariffs on Saudi exports to the US
RIYADH: Gulf exports have become targets of US President Donald Trump’s tariffs, which he raised from 10 percent to 15 percent on all countries.
The increase comes after the US Supreme Court ruled that the legal basis Trump had used to impose earlier tariffs was unlawful.
Previously, Gulf countries were among the few that had not raised their tariffs above 10 percent, while many other countries, most notably China, had already been subject to higher tariffs. However, with this latest increase, the Gulf states will be among those affected.
According to the financial analysis unit of Al-Eqtisadiah newspaper, Gulf exports to the US in 2024 amounted to about $26.2 billion, with Saudi Arabia accounting for roughly half of that, at $12.7 billion. These exports are subject to potential additional tariffs of SR637 million ($169 million).
It is likely that tariffs on Saudi exports will grow from $1.3 billion annually to $1.9 billion, a rise of 50 percent, following Trump’s recent increase.
Customs duties on Gulf exports will also increase, from $2.6 billion annually to $3.9 billion.
In 2024, Gulf exports are distributed as follows: $7.5 billion from the UAE, $1.8 billion from Qatar, and $1.6 billion from Kuwait, as well as $1.3 billion from Oman, and finally, $1.2 billion from Bahrain.
Gulf trade with the US in 2024 reached approximately $86 billion, comprised of $26.2 billion in exports and approximately $60 billion in imports, resulting in a Gulf trade deficit of $33.5 billion.
Trump responds to Supreme Court ruling
US President Donald Trump raised the global tariffs from 10 percent to 15 percent in response to the US Supreme Court ruling that his previous tariff implementation mechanism was unlawful.
Trump said in a post on his Truth Social account today: “As President of the US, I will, effective immediately, raise the global tariffs imposed on countries that have been taking advantage of the US for decades with impunity (until I took over!) to the legally permitted and tested level of 15 percent.”
Hours after the Supreme Court ruling on Feb. 20, Trump imposed a 10 percent global tariff on foreign goods, a move aimed at maintaining his trade agenda.
Trump had expressed his displeasure with the Supreme Court’s decision to overturn the tariffs imposed by his administration, asserting that the ruling would not restrict him. He vowed to impose tariffs far exceeding those struck down by the court, indicating that he had stronger alternatives to tariffs, raising questions about his future trade strategy.
The US Supreme Court struck down Trump’s sweeping global tariffs, undermining his signature economic policy and inflicting his biggest legal defeat since returning to the White House.
By a six-three vote, the court ruled that Trump exceeded his authority by invoking the federal emergency powers law to impose his reciprocal tariffs worldwide, in addition to targeted import duties that the administration claims are intended to combat fentanyl smuggling.
