AMC and the Public Investment Fund of Saudi Arabia have announced that its subsidiary the Development and Investment Entertainment Company has signed an agreement with AMC Entertainment Holdings, Inc. to operate AMC Cinemas in the Kingdom.
AMC plans to open 30-40 cinemas in approximately 15 cities in Saudi Arabia over the next five years, and a total of 50-100 cinemas in approximately 25 Saudi Arabian cities by the year 2030. In fact, the first venue will open on April 18 in Riyadh. AMC and the Development Investment and Entertainment Company have a goal to achieve approximately a 50 percent market share of the Saudi Arabian movie theater industry.
AMC’s footprint in Saudi Arabia follows the country lifting its 35-year ban on cinemas. Similar to China, Hollywood is eyeing Saudi Arabia as the next big overseas market with the potential to churn out $1 billion annually.