Swicorp announces opening of first cinema in Hafr Albatin City
DUBAI — Swicorp, the fund manager of Swicorp Wabel REIT, has Thursday announced the opening of a multi-screen cinema theater at one of the REIT’s properties, Al Makan Mall, situated in the city of Hafr Albatin.
AMC Cinemas, the largest cinema chain in the world and the company behind the world’s first multiplex, will be operating the cinema with eight screens and a total capacity of 850 seats. The REIT is scheduled to open further movie theaters in its portfolio in three other cities with the one in Riyadh launching imminently, as well as, Dawadmi and Tabuk in due course.
Kelvin Kwok, CEO of Swicorp Saudi Arabia, said: “Our new investment in the first multiplex theater in Hafr Albatin further diversifies Swicorp Wabel REIT and expands its revenue streams for our investors. We believe that there is significant value in the new leisure and entertainment sector, which opened up recently in the Kingdom.
“Equally important is for us to be able to introduce a global brand such as the AMC multiplex cinema, which will present an iconic destination to our Saudi guests. AMC has been offering inimitable experiences to movie-goers worldwide through continued innovation.
“Its 90-year track record couldn’t be more important than in our present day, when moviegoers are looking for trusted brands that offer best-in-class amenities with premium presentation formats and high quality health and safety assurance. Al Makan Mall will become the go-to place for family entertainment in the city.”
Hammad Mughal, head of asset management at Swicorp, said: “The REIT is continuously reviewing its tenant mix and portfolio strategy in the interests of its unitholders. A key part of its portfolio strategy includes expanding entertainment options, increasing footfall whilst reaffirming its commitment to the Saudi Vision 2030.
“We believe the cinema opening, a first for AMC outside of Riyadh, will do that and more. It will transform Al Makan Mall into a unique destination for family entertainment and will attract visitors not only from the city but also from its surrounding areas.”
AMC Entertainment Holdings (AMC) was founded in 1920 and headquartered in Leawood, Kansas, USA and is today the largest movie exhibitor in the US, Europe, and the world. With best-in-class amenities such as plush, power recliners, AMC Dine-In Theaters, premium presentation formats including Dolby Cinema at AMC and IMAX, AMC is recognized globally as the industry leader.
The company owns or operates approximately 1,000 theaters and 11,000 screens in 15 countries across the globe. AMC has formed a joint venture with the Public Investment Fund in Saudi Arabia to open cinemas across the Kingdom. In April 2018, AMC opened its first cinema in Saudi Arabia, located in King Abdullah Financial District, Riyadh.
Swicorp is a leading investment banking, asset management, and private equity firm across the MENA region licensed by both the Capital Markets Authority (CMA) in Saudi Arabia and Dubai Financial Services Authority (DFSA) in the UAE with a capital of SR500 million. Founded in 1987, Swicorp operates from offices in Riyadh, Dubai, Tunis and Geneva and has an extensive track record of investment operations spanning over 30 years.
Swicorp Wabel REIT Fund is a Shariah-compliant close-ended real estate investment traded fund licensed by the CMA and listed on the Saudi Stock Exchange (Tadawul). The principal investment objective of the REIT is to invest in income generating real estate assets primarily within the Kingdom of Saudi Arabia. — SG