Deal inked to build 40 Saudi cinemas in five years
A subsidiary of the kingdom's Public Investment Fund has teamed up with US-based AMC to open between 50 and 100 cinemas in 25 Saudi cities by 2030
Up to 40 cinemas will be built in Saudi Arabia over the next five years as part of a recent agreement signed by the country's Public Investment Fund (PIF).
PIF's wholly owned subsidiary, Development and Investment Entertainment Company (DIEC) has teamed up with US-headquartered AMC to operate cinemas in the kingdom.
DIEC and AMC plan to open 30 to 40 cinemas across 15 Saudi cities over the next five years, and between 50 and 100 cinemas will be opened in 25 Saudi cities by 2030.
Saudi's Ministry of Culture and Information has granted its first cinema operating license to DIEC and AMC.
AMC's first cinema in Saudi will open later this month.
Saudi Arabia's first cinema in over three decades will open on 18 April in Riyadh, Arabian Business reported, citing AFP.
Cinema development is a key revenue stream for the Gulf's design and construction sectors, particularly fit-out firms.
This February, Havelock AHI, an interior contractor and manufacturer, revealed it had completed the fit-out of The Avenues – Bahrain mall's Vox facility in 150 days.
The fast-track project employed an average of 250 daily workers, with peak workforce numbers reaching 750.
Havelock AHI’s scope included, among other activities, all tasks related to civil and mechanical, electrical, and plumbing (MEP) contracting, low-voltage works, fire detection and suppression, access control, and theatre management systems.
DIEC was incorporated this year to boost Saudi's efforts in the entertainment sector as part of its Vision 2030 mandate.
As part of its entertainment-sector investments, a theme park will also be opened by Saudi Arabia in the next five years.
PIF recently signed an agreement to open a Six Flags-branded theme park in the country.
The project will be located in Qiddiya, and open in 2022, Saudi Arabia's press agency confirmed.
The Six Flags-branded amusement facility will be the country's first entertainment, sports, and cultural destination.
PIF's agreement with Six Flags is in line with the kingdom's Vision 2030 to diversify the country's economy, promote culture and entertainment locally, and develop an entertainment ecosystem.