Global theater chain AMC announced this week it has received the first cinema license for Saudi Arabia since movie theaters were banned in the 1980s. Despite the cinema ban, Hollywood films and recent television series are widely watched at home and discussed. The venue seats 600 across orchestra and balcony levels, and comes with marble bathrooms.
Saudi Arabia will soon welcome Black Panther.
AMC (NYSE:AMC), the biggest movie theatre chain in the world, has won over the House of Saud, which is granting the group the first license to operate movie theatres in Saudi Arabia.
Three more screens will be added by mid-year. The Public Investment Fund is poised to take a US$400 million stake in the Hollywood talent agency Endeavor as part of plans to diversify the kingdom's oil-based economy.
Global theatre chains have long eyed the kingdom as the Middle East's last untapped mass market of more than 30 million people, the majority of whom are under 25.
Besides cinema openings, Cirque du Soleil will come to Riyadh this year and the city of Jeddah hosted the kingdom's first-ever Comi-Con in February, he said.
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