US chain AMC signs Saudi deal after cinema ban lifted
US chain AMC signs Saudi deal after cinema ban lifted
Riyadh - Egypt Today
Giant US cinema chain AMC Entertainment has signed a deal to build and operate movie theatres in Saudi Arabia after the conservative kingdom lifted a decades-old ban.
The deal, announced by AMC in a statement and confirmed by Saudi state media on Tuesday, will see the company form a joint venture with Saudi Arabia's vast Public Investment Fund.
No further details of the deal, including its financial conditions, were disclosed.
AMC said it hoped to "put the industry's best foot forward" in Saudi Arabia as the country opens up to modern entertainment.
"This announcement is a historic moment for the theatrical exhibition industry and 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 neighbouring countries," AMC CEO Adam Aron said in the statement.
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