Riyadh – Mubasher: Development and Investment Entertainment Company, a 100%-owned subsidiary of the Saudi Public Investment Fund (PIF), on Thursday signed an agreement with AMC to inaugurate 30 to 40 cinemas across 15 cities in the kingdom over the coming five years, Saudi Press Agency (SPA) reported.
The two firms also revealed a plan to build 50 to 100 cinemas in 25 cities by 2030.
The Saudi Ministry of Culture and Information previously announced awarding the first licence to operate cinemas to PIF's unit in partnership with AMC.
Developing the recreation sector is a part of Saudi Vision 2030. The kingdom's cinema industry is forecast hit $1 billion during the coming period.
The PIF subsidiary was established earlier in 2018 to invest in various areas of the growing entertainment sector, in addition to attracting large investments.
Earlier on Thursday, The Saudi General Authority for Entertainment (GEA) revealed signing five deals with large international recreation firms during a summit in Los Angeles titled "The Future of Entertainment in the Kingdom of Saudi Arabia".
The signed contracts included planned partnerships with the circus show operator Cirque du Soleil, Feld Entertainment, National Geographic, and IMG.
