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PIF’S DEVELOPMENT INVESTMENT ENTERTAINMENT COMPANY (DIEC) SIGNS AGREEMENT WITH AMC

RIYADH 04 April 2018
  • The Saudi Ministry of Culture and Information announced the first cinema operating license to Development and Investment Entertainment Company
  • Development and Investment Entertainment Company was fully incorporated in January 2018 by the Public Investment Fund
  • Agreement to operate AMC Cinemas in Saudi Arabia builds on MoU signed with PIF in December 201

The Public Investment Fund of Saudi Arabia (PIF) announced today that its wholly-owned subsidiary, Development and Investment Entertainment Company, has signed an agreement with AMC to operate AMC Cinemas in the Kingdom. Development and Investment Entertainment Company jointly with AMC expects 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 cities by 2030.

Alongside this, the Saudi Ministry of Culture and Information has announced that it has granted the first cinema operating license to the Development and Investment Entertainment Company to operate movie theaters in Saudi Arabia.

AMC is the world’s largest provider and operator of movie theaters. A key objective of Vision 2030 is to grow the entertainment sector in Saudi Arabia, and the cinema industry is expected to grow to around $1 billion in size over the coming years. Development and Investment Entertainment Company was fully incorporated early this year to play an active investment role in various areas of the entertainment sector, and seek to attract strategic partnerships to build the eco-system within the Kingdom.

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