Cinemas were banned during the 1970's by an ultra-conservative government as they considered movie theatres to be a corrupt influence and a potential threat to religious and cultural identity.
The first cinemas could be ready for business as soon as March, next year, after the General Commission for Audiovisual Media started the process for licensing cinemas in the Kingdom.
The first cinemas could be expected to open as early as March 2018, but Saudi Arabia could expect as many as 300 cinemas and 2000 screen to open their gates before 2030.
Awwad Alawwad, the information minister, also said: "This marks a watershed moment in the development of the cultural economy in the kingdom".
While Hollywood is celebrating the newly announced Golden Globe nominations, Saudi Arabia is celebrating something very different: a new law that will once again allow movie theaters to operate.
The decision is a part of the young crown prince, Mohammed bin Salman's Vision 2030, a program created to socially reform the country.
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"Opening cinemas will act as a catalyst for economic growth and diversification".
Movie theaters were shut down in the 1980s during a wave of ultraconservatism in the country.
The crown prince is behind measures such as lifting a ban on women driving, starting next year, and bringing back concerts and other forms of entertainment to satiate the desires of the country's young population.
Saudi Arabia might also premiere Bollywood movies and Arabian movies, but only after censoring them.
Less than a year ago, Saudi Arabia's highest-ranking cleric had described cinemas as "a depravity".
The Ministry added: "The movies' content will be subject to censorship according to the Kingdom's media policy standards".