Riyadh – Mubasher: US-based movie exhibition company AMC Entertainment Holdings Inc. plans to acquire a 50% share of Saudi Arabia’s cinema market in the coming period, CEO Adam Aron said.
This stake may represent 5% to 10% of the American Multi-Cinema’s revenues, Aron told CNBC in an interview.
Cinema sees a growing demand in the kingdom, the CEO added, noting that there are plans to inaugurate 40 theatres in Saudi Arabia over the next five years.
On Wednesday 18 April, Saudi culture and information minister Awwad al-Awwad has opened the first cinema in the GCC nation ending 35-year ban, while Marvel's "Black Panther" is the first movie to be shown in the kingdom.
In a bid to meet the demands of more than 32 million, the Saudi authorities seek to open around 350 cinemas with over 2,500 screens by 2030 to attract nearly $1 billion in annual ticket sales.
The Public Investment Fund (PIF) announced that its wholly-owned subsidiary, Development and Investment Entertainment Company, signed an agreement with AMC’s cinemas in Saudi Arabia.
The PIF’s entertainment arm plans to collaborate with AMC to establish about 30 to 40 cinemas in 15 cities during the next five years, in addition to inaugurating between 50 and 100 cinemas in 25 regions by 2030.
As a part of Saudi Vision 2030, the GCC nation made a symphony concert for the first time and plans to build entertainment parks, in addition to other major investments.
