Saudi Entertainment Ventures (Seven), a wholly-owned subsidiary of the Public Investment Fund (PIF) is taking over the US-headquartered AMC Entertainment Holdings’ 85 cinema screens in the kingdom, after buying a 100 per cent AMC’s equity stake in the cinema business in Saudi Arabia. Under the agreement, Seven will also retain intellectual property rights and will continue to partner with AMC through a franchise agreement, enabling it to keep the brand name of AMC Cinemas, which in 2018 became the first cinema operator in the Kingdom. The deal comes as Seven prepares to invest $13.3bn in developing 21 integrated entertainment destinations in 14 cities in the kingdom, as Riyadh pursues its strategy to move away from hydrocarbons, create jobs and improve the quality of life for citizens and residents. Seven aims to strengthen its offerings in the Saudi entertainment market, which is growing at an annual rate of 47.65 per cent and is expected to touch $1.1bn by the end of 2030. (ICE RIYADH)

Fonte notizia: Meed