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  • 01-02-23

    PIF-possessed SEVEN obtains AMC’s cinema chain in Saudi Arabia

    (MENAFN) Saudi Entertainment Ventures has taken over US-headquartered AMC Entertainment Holdings’ 85 cinema screens in the nation following the acquisition of 100 percent of the company’s share in the nation.

    As part of the agreement, the Saudi-located firm, recognized as SEVEN and an entirely possessed subsidiary of the Public Investment Fund, is going to preserve the brand name of AMC Cinemas - which in 2018 became the initial cinema operator in the nation.

    Abdullah Al Dawood, chairman of SEVEN, stated that “Our partnership with AMC – the world’s largest cinema chain, was crucial in developing knowledge, technical expertise and equipping us with the know-how to build up institutional capacities and support growth in Saudi Arabia’s entertainment industry.”

    He continued: “The acquisition of AMC’s stake in Saudi Arabia reflects SEVEN’s long-term strategy of bringing unparalleled experiences to the people and visitors of the Kingdom and contribute to the Saudi Vision 2030 goals.”

    Adam Aron, Chairman and chief executive of AMC, asserted that “After more than 5 years since our first trip to Saudi Arabia and nearly five years since we opened our first theater there, we believe this announcement and agreement is the natural next step in the process as we achieved our objectives of the joint venture.”

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