Multi-screen AMC Cinemas opens at Al Makan Mall, announced investment banking, asset management and private equity firm Swicorp. Situated in Riyadh’s Hafr Albatin City, the AMC Cinemas at Al Makan Mall, a REIT property, has eight screens with a total capacity of 850 seats.
“Our new investment in the first multiplex theatre in Hafr Albatin further diversifies Swicorp Wabel REIT and expands its revenue streams for our investors,” stated Kelvin Kwok, CEO, Swicorp Saudi Arabia. “We believe that there is significant value in the new leisure and entertainment sector, which opened up recently in the Kingdom. Equally important is for us to be able to introduce a global brand such as the AMC multiplex cinema, which will present an iconic destination to our Saudi guests. AMC has been offering inimitable experiences to movie-goers worldwide through continued innovation. Its 90-year track record couldn’t be more important than in our present day, when moviegoers are looking for trusted brands that offer best-in-class amenities with premium presentation formats and high-quality health and safety assurance. Al Makan Mall will become the go-to place for family entertainment in the city.”
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As AMC Cinemas opens at Al Makan Mall, the company has formed a joint venture with the Public Investment Fund in Saudi Arabia to open cinemas across the Kingdom. In April 2018, AMC opened its first cinema in Saudi Arabia, located in King Abdullah Financial District, Riyadh. Meanwhile, REIT is scheduled to open more movie theatres in its portfolio in three other cities with the one in Riyadh launching imminently, as well as in Dawadmi and Tabouk in due course.