Swicorp announces opening of the first cinema in Hafr Al Batin city in Saudi Arabia
US-based AMC Cinemas will be operating the 850-seat cinema
Swicorp has announced the opening of a new multi-screen cinema at REIT properties’ Al Makan Mall in the city of Hafr Al Batin. AMC Cinemas will be operating the cinema with eight screens and a total capacity of 850 seats.
The firm is the fund manager of Swicorp Wabel REIT (the REIT). According to a statement, the REIT plans to open additional cinemas in three other cities; one is expected to open in Riyadh in the near future, followed by Dawadmi and Tabouk.
“Our new investment in the first multiplex theatre in Hafr Al Batin 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,” said Kelvin Kwok, CEO of Swicorp Saudi Arabia.
He added, “AMC has been offering inimitable experiences to movie-goers worldwide through continued innovation. 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.”
AMC 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.
Hammad Mughal, head of Asset Management at Swicorp commented, “The REIT is continuously reviewing its tenant mix and portfolio strategy in the interests of its unit-holders. 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.”
