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
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
