This decision aligns with the expiration of the venue's contractual agreement.
In a recent announcement, AMC Cinemas has confirmed the closure of its cinema auditorium located in the King Abdullah Financial District (KAFD), effective from September 16, 2023. This decision is in accordance with the expiration of the venue’s contractual agreement.
In a statement, the cinema operator said: “AMC Cinemas takes pride in being the first cinema operator to open a cinema in Saudi Arabia in the King Abdullah Financial District (KAFD) in Riyadh.
“AMC has been committed to developing the cinema industry in KSA by offering the best cinematic experiences to our guests.”
As of now, AMC Cinemas successfully operates 84 screens spread across nine cities within the Kingdom. The company remains steadfast in its expansion strategy, aiming to establish 50 cinemas by the year 2030. Out of these, 20 are anticipated to be integral components of the forthcoming entertainment destinations overseen by Saudi Entertainment Ventures (SEVEN).
SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), was established to function as the investment and development arm dedicated to the entertainment sector. As part of this strategic development, SEVEN has acquired AMC’s equity stake in the cinema business in Saudi Arabia. This acquisition is expected to provide momentum to SEVEN’s ambitious vision to establish 21 comprehensive entertainment destinations that will not only revamp the Kingdom’s entertainment sector but also deliver world-class and immersive experiences to its patrons.