Swicorp announces opening of nine screen AMC cinema in Riyadh
Opening was attended by government officials, guests of honor and members of AMC’s executive team
Swicorp has announced that its real estate investment traded fund, Swicorp Wabel REIT, has opened a nine-screen AMC Cinema at Al Makan Mall in Riyadh. AMC cinemas will operate the 3,450sqm AMC Al Khair 9 cinema.
This is the second AMC Cinema to open at a Swicorp property this month, following the opening of AMC Hafr Al Batin, the first of its kind in the area, the statement said. Swicorp Wabel REIT notes that it is planning to open two more locations with AMC Cinemas in the cities of Dawadmi and Tabouk.
“Saudi Arabia is undergoing a fast-pace of change to achieve Vision 2030, and the rapid momentum of development in our REIT properties reflects the Kingdom’s agility and swiftness to attain these 2030 goals. We are delighted to be able to contribute to the Kingdom’s futuristic plans. In addition to that, having AMC, a world leader known for its continuous innovation in the entertainment business, as a partner for Al Makan Mall, Riyadh, will add value to the property and enhance its attractiveness to visitors,” said Swicorp Saudi Arabia CEO Kelvin Kwok.
According to the statement, the cineplex offers Swicorp Wabel REIT an opportunity to diversify its tenant mix and revenue streams in the interest of its unit holders. It will also help increase footfall in Al Makan Mall by creating a new attraction for families, as the mall is already considered an entertainment destination due to brands like Snowy Planet, Skyzone, Goal, and Burger Boutique, Kwok stated.
He added, “With the opening of our second AMC location, we are also fulfilling our promise to our Swicorp Wabel REIT investors to diversify our portfolio by including the leisure and entertainment components to our existing retail developments.”
AMC Al Khair 9 will debut Prime at AMC, which is billed as a premium large format (PLF) experience featuring massive screens, 4K Barco laser projectors, immersive sound and Luxe Recliner and Plush Rocker seating. Also included is AMC Cinema Souq, a reimagined and fully customisable F&B concept.
Swicorp Head of Asset Management Hammad Mughal commented, “There is ample demand for cinema entertainment in the kingdom as our research shows. Our second AMC Cinema location features state-of-the-art facilities that our guests demand and deserve. Movie-going is an emerging trend in Saudi Arabia and one that is here to stay. It is offering consumers an additional reason to spend time at our malls and is opening huge growth opportunities for investors. Our REIT is now managing a fully diversified portfolio in its malls, comprising of F&B, retail shops, leisure and entertainment which now includes cinemas, as well as anchor tenants like hypermarkets or supermarkets.”
