Swicorp Wabel REIT is planning to open two more locations with AMC Cinemas in the cities of Dawadmi and Tabouk.
Real estate investment traded fund Swicorp Wabel REIT has announced the opening of a nine-screen AMC Cinema in Al Makan Mall in Riyadh. This is the second AMC Cinema to open at a Swicorp property, following the opening of AMC Hafr Al Batin earlier this month.
The opening of AMC Al Khair 9 in Al Makan Mall was attended by various government officials, guests of honour and members of AMC’s executive team.
Swicorp Wabel REIT, which is listed on the Saudi Stock Exchange (Tadawul), is planning to open two more locations with AMC Cinemas in the cities of Dawadmi and Tabouk.
AMC Al Khair 9 will debut Prime at AMC, an incredible Premium Large Format (PLF) experience with 4K Barco laser projectors, immersive sound and Luxe Recliner and Plush Rocker seating throughout. Also included is AMC Cinema Souq, a fully customisable food & beverage concept.
Al Makan Mall Riyadh has implemented stringent health and safety processes for its visitors and associates, and this commitment will be extended to the new Cineplex with additional safety and hygiene guidelines implemented by AMC Cinemas, in line with its international policies.
Commenting on the opening, Kelvin Kwok, CEO of Swicorp Saudi Arabia, said: “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. With the opening of our second AMC location today, 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.”
Hammad Mughal, Head of Asset Management at Swicorp, added: “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.
The new 3,450sqm AMC Cinema at Al Makan Mall in Riyadh offers the Swicorp Wabel REIT an opportunity to diversify its tenant mix and revenue streams in the interest of its unitholders. 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 the presence of brands like Snowy Planet, Skyzone, Goal, and Burger Boutique.”