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It remains to be seen whether movie theatres will fill up again after COVID-19, but the coronavirus pandemic hasn't stopped Saudi Arabia from forging ahead with an expansion of its entertainment offerings.
On Wednesday, Saudi private equity firm Swicorp, the fund manager of Swicorp Wabel REIT, announced the opening of a nine-screen complex of AMC Cinemas, an American chain, at Al Makan Mall in Riyadh.
The new entertainment destination is the second to open at a Swicorp property recently. Earlier this month, AMC unveiled its new cinema in Hafr Al-Batin, said to be the first of its kind in the eastern province.
AMC Cinemas is one of the largest cinema chains in the world with approximately 1,000 theatres and 11,000 screens worldwide.
The kingdom has recently lifted a ban on cinemas that lasted for nearly 40 years.
Expansion to continue
Swicorp Wabel REIT, which is listed on the Saudi Stock Exchange (Tadawul) is expected to continue to expand its entertainment offering in the kingdom.
“Saudi Arabia is undergoing a fast-pace of change to achieve Vision 2030, and the rapid momentum of development in our REIT properties reflects the Kingdom’s agility and swiftness to attain these 2030 goals,” said Kelvin Kwok, CEO of Swicorp Saudi Arabia.
“With the opening of our second AMC location… we are also fulfilling our promise to our investors to diversify our portfolio by including the leisure and entertainment components to our existing retail developments,” he added.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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