40 cinemas to be built in Saudi Arabia, signed by PIF
The Development and Investm...
Saudi Arabia is set to receive up to 40 new cinemas following a deal signed by the nation’s Public Investment Fund (PIF).
The Development and Investment Entertainment Company (DIEC), a PIF subsidiary, has partnered with US-based satellite television channel, AMC, to operate new cinemas in the country.
The project is anticipated to develop between 30 and 40 cinemas, located across 15 Saudi Arabian cities.
DIEC and AMC’s joint venture has been scheduled to be complete within the next five years, and the country is anticipated to have between 50 and 100 cinemas across 50 cities by 2030.
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The Ministry of Culture and Information has granted its first operating license for a cinema to the joint venture.
The development of cinemas is a key source of income for the Gulf’s design and construction sectors.
Saudi Arabia’s first cinema in 30 years is set to open on 18 April in the nation’s capital city, Riyadh.
The country has incorporated DEIC this year in a bid to boost its entertainment industry through its Vision 2030 plan.