AMC to Open First International Movie Theater in Kingdom of Saudi Arabia
WASHINGTON: In line with Vision 2030's diversification efforts, the Kingdom of Saudi Arabia's Ministry of Culture and Information has awarded the first license to operate an international-based movie theater in the country to AMC Theatres, which will allow the largest company of its kind to operate cinemas in the Kingdom.AMC will open the doors of its first Saudi theater in the capital, Riyadh, on April 18, 2018. The cinema's opening follows an MOU signed between AMC and the Public Investment Fund (PIF) back in November of 2017. The move also follows an announcement made in December of 2017 that cinemas would be operational this year.
Mr. Adam Aron, AMC CEO, iterated that his company is following developments in the Kingdom, and is excited at the projects that aim to open up new economic sectors, particularly in the creative fields. He also mentioned that the company had received a warm welcome from all the institutions with which it has dealt.
The long-term aim is for 30-40 AMC cinemas to open in 15 cities across the Kingdom within the next 5 years, and 50-100 cinemas in an estimated 25 cities by 2030. The opening of movie theatres will also open-up a local market to annual ticket sales of up to $ 1 billion, which will in turn encourage other leading chains to enter the market.