Due to intense competition, the largest movie theatre chain in the world, AMC Entertainment Holdings, has chosen to leave Saudi Arabia. In an effort to boost the economy and introduce Western-style entertainment, prince Mohammed Bin salman removed a decades-long ban on movie theatres in saudi arabia about five years ago. AMC officials claim that the business has always planned to eventually transfer operations to its Saudi partners.

Marvel's Black Panther, which drew a sizable audience in 2018, served as AMC's entry point. However, muvi Cinemas and Vox Cinemas have posed significant opposition for AMC in recent years. It will sell its investment to Saudi Entertainment Ventures (SEVEN), a division of the Public Investment Fund of the Saudi Arabian government. Around 950 theatres and 10,500 screens are operated by AMC globally. The epidemic and the ensuing lockdowns had a significant negative impact on their business.

The largest movie theatre chain in the world, which made the announcement on Tuesday, claimed that it had always intended to eventually transfer operations to its Saudi partners and that the $30 million sale would further increase its cash reserves as the industry struggles to recover from the pandemic. As part of Crown prince Mohammed bin Salman's efforts to revamp the economy and bring Western-style entertainment to the hitherto segregated and ultra-conservative kingdom, saudi arabia abolished the ban on movie theatres and other types of public entertainment.

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AMC Saudi

G GOWTHAM

04/02/2023 01:15 PM