The Public Investment Fund of Saudi Arabia (PIF) announced that its wholly-owned subsidiary, Development and Investment Entertainment Company, has signed an agreement with AMC to operate AMC Cinemas in the Kingdom.
Development and Investment Entertainment Company jointly with AMC expects to open 30 to 40 cinemas in approximately 15 cities in Saudi Arabia over the next five years, and a total of 50 to 100 cinemas in approximately 25 Saudi cities by 2030 in line with the Vision 2030 objective grow the entertainment sector in Saudi Arabia, and the cinema industry is expected to grow to around $1 billion in size over the coming years. The first cinema is scheduled to open on 18 April in Riyadh.
The Saudi Ministry of Culture and Information has announced that it has granted the first cinema operating licence to the Development and Investment Entertainment Company to operate movie theaters in Saudi Arabia.
AMC is the world’s largest provider and operator of movie theatres. Development and Investment Entertainment Company was fully incorporated early this year to play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships to build the eco-system within the Kingdom.