Magazine article Screen International

AMC Aiming for Up to 100 Cinemas in Saudi Arabia by 2030

Magazine article Screen International

AMC Aiming for Up to 100 Cinemas in Saudi Arabia by 2030

Article excerpt

US-based global exhibitor granted first cinema operating license in territory.

AMC and its local partner in Saudi Arabia have been granted the first cinema operating license by the Saudi ministry of culture and information and are planning to open between 30 and 40 cinemas in around 15 Saudi cities over the next five years.

The US-based global exhibitor and the Development and Investment Entertainment Company (DIEC) said they will open their first cinema in Riyadh’s King Abdullah Financial District on April 18. The venue is expected to be the first cinema to open in the country since Saudi Arabia lifted its 35-year ban on cinemas in January.

By 2030, AMC and DIEC plan to have between 50 and 100 cinemas in 25 Saudi cities, with a goal of capturing a 50% share of the Saudi cinema industry.

DIEC is a subsidiary of the Public Investment Fund of Saudi Arabia (PIF), a sovereign wealth fund designed to invest in domestic and international assets producing financial returns and long-term value for the Kingdom of Saudi Arabia. …

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