|
"In line with the fund's mandate to help unlock
promising new sectors within the kingdom, PIF and AMC
Entertainment will explore theatrical exhibition and related
investment and partnership opportunities in Saudi Arabia," the
Public Investment Fund said.
Neither of the partners gave details of the business ventures
which might arise from their non-binding memorandum of
understanding.
The Saudi government announced on Monday that the first theaters
could start showing films as early as March, part of a
liberalizing reform drive that has opened the door to concerts,
comedy shows and women drivers in the past year.
AMC, which owns the Odeon brand, is one of the largest movie
exhibition companies in the world with about 1,000 theaters and
11,000 screens across the globe.
Other cinema chains are also eyeing the Saudi market.
Dubai-based mall operator Majid Al Futtaim, which owns VOX
Cinemas, said it wanted to open the first movie theater there.
The government said it expected to open over 300 cinemas with
more than 2,000 screens by 2030.
With assets of over $220 billion, the PIF is being used by the
government to spearhead its drive to diversify the Saudi economy
beyond oil. The fund is getting into a wide range of industries
from real estate development to technology investment, tourism
and waste recycling.
(Reporting by Reem Shamseddine; Writing by Andrew Torchia;
Editing by Sunil Nair)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
