AMC Cinema Chain Leaves Saudi Market
- Publish date: Thursday، 02 February 2023
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AMC Entertainment Holding announced on Tuesday that it will leave the Saudi market. The chain faced intense competition in Saudi Arabia's fast-growing market.
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The movie Black Panther was the first film shown by AMC in 2018. However, in the years that followed, the cinema was up against two brands dominating the Saudi market, local muvi Cinemas, and Vox Cinemas.
With the $30 million sale of the cinema chain, AMC wanted to boost its cash reserves.
They will sell their investment to Saudi Entertainment Ventures, known as SEVEN, which is operated by the Saudi government’s Public Investment Fund.
The US-based company will continue to license the AMC name for the 13 cinemas it launched in the Kingdom and for future locations. By 2023, the cinema chain had planned to open 40 cinemas, but they dropped this project because of the pandemic.
Image source: AMC Cinema Saudi Arabia Instagram