AMC to open Saudi Arabia's first cinema in 35 years on 18 April
05 April 2018
The Public Investment Fund of Saudi Arabia (PIF) on Wednesday announced that its wholly owned subsidiary, the Development and Investment Entertainment Company, has signed an agreement with AMC Entertainment to operate AMC Cinemas in the Kingdom.
AMC is the world’s largest provider and operator of movie theatres.
The Development and Investment Entertainment Company jointly with AMC plans to open 30-40 cinemas in approximately 15 cities in Saudi Arabia over the next five years, and a total of 50-100 cinemas in approximately 25 Saudi Arabian cities by the year 2030.
AMC and the Development and Investment Entertainment Company target approximately 50-per cent market share of the Saudi Arabian cinema industry.
Lifting a 35-year ban on cinemas in the Kingdom of Saudi Arabia, the Saudi Ministry of Culture and Information has also announced that it has granted the first cinema operating licence to the Development and Investment Entertainment Company, allowing AMC to operate movie theatres in the Kingdom.
The Development and Investment Entertainment Company jointly with AMC will open its first theatre in Riyadh in the King Abdullah Financial District on 18 April. This will be the first theatre to open in Saudi Arabia in several decades.
Development and Investment Entertainment Company was fully incorporated in January 2018 by the Public Investment Fund.
AMC’s entry into the Kingdom of Saudi Arabia is in concert with a key objective of Vision 2030, which is to grow the entertainment sector in Saudi Arabia. As a result, the cinema industry is expected to grow to around $1 billion in size over the coming years.