Saudi Arabia’s Public Investment Fund (PIF) has signed a non-binding memorandum of understanding (MoU) with US-based AMC Entertainment Holdings Inc. to explore commercial opportunities in the Kingdom’s entertainment sector.
The agreement follows the Kingdom’s recent move to lift the ban on commercial cinemas in the country, with movie screening expected to start early next year, PIF and AMC said in a joint statement.
“PIF sees huge potential in the Kingdom’s entertainment sector. We look forward to working with AMC Entertainment Holdings to explore opportunities in developing an industry that is expected to be around $1 billion in size,” a spokesperson from PIF said in the statement.
The Board of the General Commission for Audiovisual Media (GCAM) on Monday passed a resolution allowing GCAM to grant licenses to cinemas. Nearly 300 cinemas, with over 2,000 screens, are expected to open in Saudi Arabia by 2030.
“This announcement is … a tremendous opportunity to connect AMC’s movie products with the Kingdom of Saudi Arabia’s more than 30 million citizens, many of whom we know are movie fans based on their regular visits to cinemas in neighboring countries,” AMC chief executive and president Adam Aron said in the statement.
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