Sunday 20 September 2020

Swicorp announces opening of new AMC cinema at Saudi mall

RIYADH, August 15, 2020

Swicorp, a leading investment banking, asset management, and private equity firm, said its real estate investment traded fund, Swicorp Wabel REIT, has announced the opening of a multi-screen cinema theatre at one of its key properties, Al Makan Mall, situated in the Saudi city of Hafr Al Batin. 
AMC Cinemas, one of the largest cinema chains in the world and the company behind the world’s first multiplex, will be operating the cinema with eight screens and a total capacity of 850 seats. 
The REIT is scheduled to open further movie theaters in its portfolio in three other cities with the one in Riyadh launching imminently, as well as, Dawadmi and Tabouk in due course.
Swicorp Saudi Arabia CEO Kelvin Kwok said: "Our new investment in the first multiplex theatre in Hafr Albatin further diversifies Swicorp Wabel REIT and expands its revenue streams for our investors. We believe that there is significant value in the new leisure and entertainment sector which opened up recently in the kingdom."
"Equally important is for us to be able to introduce a global brand such as the AMC multiplex cinema, which will present an iconic destination to our Saudi guests. AMC has been offering inimitable experiences to movie-goers worldwide through continued innovation," remarked Kwok. 
Founded in 1920 at Kansas, US, AMC Entertainment Holdings is today the largest movie exhibitor in the US, Europe, and the world. With best-in-class amenities such as plush, power recliners, AMC Dine-In Theatres, premium presentation formats including Dolby Cinema at AMC and IMAX, it is recognised globally as the industry leader. 
The company owns or operates approximately 1,000 theatres and 11,000 screens in fifteen countries across the globe. 
"Its 90-year track record couldn’t be more important than in our present day, when movie goers are looking for trusted brands that offer best-in-class amenities with premium presentation formats and high quality health and safety assurance. Al Makan Mall will become the go-to place for family entertainment in the city," he added. 
Swicorp's Head of Asset Management Hammad Mughal said: "The REIT is continuously reviewing its tenant mix and portfolio strategy in the interests of its unitholders. A key part of its portfolio strategy includes expanding entertainment options, increasing footfall whilst reaffirming its commitment to the Saudi Vision 2030."
"We believe the cinema opening, a first for AMC outside of Riyadh, will do that and more. It will transform Al Makan Mall into a unique destination for family entertainment and will attract visitors not only from the city but also from its surrounding areas," stated Mughal.  
AMC has formed a joint venture with the Public Investment Fund in Saudi Arabia to open cinemas across the Kingdom. In April 2018, AMC opened its first cinema in Saudi Arabia, located in King Abdullah Financial District, Riyadh, he added.-TradeArabia News Service


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