RIYADH – Abdullah Al-Dawoud, chairman of the board of Saudi Entertainment Ventures Company (SEVEN), and Fouad Alrashed, CEO of Asala Holding Co. and owner of Hamat Property Company, signed on Thursday a partnership agreement in building commercial complexes for opening AMC Cinema in various cities across the Kingdom.

This is part of the strategy of SEVEN for the expansion and operation of 50 movie theaters of international standards in most regions of the Kingdom by the year 2030. Under the deal, Hamat will take part in establishing the entertainment complexes where the SEVEN will screen cinemas in collaboration with the American Multi-Cinema (AMC) Entertainment.

SEVEN, a wholly owned subsidiary of the Public Investment Fund (PIF), chaired by Crown Prince Muhammad Bin Salman, has plans to develop and operate more than 50 cinemas within the coming two years in various regions and cities of the Kingdom in order to meet the recreational needs of both residents and visitors.

Hamat Property Co., the operational arm of Asala Holding, is one of the leading property management companies in the Kingdom and currently operates more than 25 most prestigious commercial centers in the Kingdom. SEVEN launched the Kingdom’s first public cinema in Riyadh in April last year in collaboration with AMC, which was granted the first license to operate movie theatres in the Kingdom. — SG