JEDDAH: A partnership agreement to open more cinemas in Saudi Arabia has been signed by business chiefs.
Abdullah bin Nasser Al-Dawoud, chairman of the Saudi Entertainment Ventures Co. (SEVEN), and Fouad Al-Rashed, CEO of Asala Holding Co., on Thursday put pen to paper on a deal to establish new AMC cinemas in several Saudi cities.
The agreement is part of SEVEN’s strategy to develop and operate 50 movie theaters throughout the Kingdom over the coming years.
SEVEN, a unit of the Kingdom’s Public Investment Fund (PIF), aims to drive the Saudi entertainment industry forward through its other strategic sectors, particularly leisure parks.
Real estate firm Hamat Property Co., the operating arm of Asala Holding Co., specializes in the ownership, development and management of shopping centers and commercial properties. The company’s portfolio includes 25 operating shopping malls in the Kingdom.
SEVEN recently announced the launch of its first family-friendly entertainment complex, in Riyadh.
