Saudi sovereign fund invests in magic of cinema

The Public Investment Fund of Saudi Arabia (PIF) has signed an agreement with global movie theatre operator AMC to open up to 40 cinemas across 15 cities in the next five years and more than 100 by 2030.

A subsidiary of the PIF, the Development and Investment Entertainment Company (DIEC), will work with Chinese-owned AMC to enlarge Saudi Arabia’s movie industry, aiming for a 50% share of a market expected to be worth more than $1 billion in the coming years.

The investment plan follows a 35-year ban on cinemas in the kingdom that was recently lifted as part of a series of economic and cultural reforms under crown prince Mohammed bin Salman.

The Ministry of Culture and Information has awarded the first cinema operating licence since the lifting of the ban to the DIEC.

The new movie theatre will open in Riyadh on April 18 with the film Black Panther.

©2018 funds global mena

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