Riyadh, Rajab 18, 1439, Apr 4, 2018, SPA -- The Public Investment Fund of Saudi Arabia (PIF) announced today that its wholly-owned subsidiary, Development and Investment Entertainment Company, has signed an agreement with AMC to operate Cinemas in the Kingdom. Development and Investment Entertainment Company.
Jointly with AMC, the Development and Investment Entertainment Company plans to open 30-40 cinemas in approximately 15 cities in the Kingdom of Saudi Arabia over the next five years, and a total of 50-100 cinemas in approximately 25 Saudi cities by 2030.
The Saudi Ministry of Culture and Information announced earlier today that it granted its first cinema operating license to
Development and Investment Entertainment Company in partnership with AMC to operate cinemas in the Kingdom.
AMC is the world’s largest provider and operator of movie theaters. A key objective of Vision 2030 is to grow the entertainment
sector in the Kingdom of Saudi Arabia, and the cinema industry is expected to grow to around $1 billion in size over the coming years.
It is worth mentioning that the 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 system of this sector within the Kingdom.
--SPA
00:09 LOCAL TIME 21:09 GMT