AMC To Open First Theater In Saudi Arabia On April 18,after 35-yr Ban On Cinemas

(RTTNews) - AMC Entertainment Holdings, Inc. (AMC) said it expects to open its first theater in Riyadh on April 18, after a 35-year ban on cinemas in the Kingdom of Saudi Arabia.

Saudi Arabia's Ministry of Culture and Information announced on Wednesday that it granted the first cinema operating license so that U.S. industry leader AMC.

With a population over 32 million people, the Kingdom constitutes the largest market in the Arab Gulf region and could constitute a USD $1 billion movie market.

In a landmark decision in December, the Ministry of Culture and Information announced that commercial cinemas would be allowed to operate in the Kingdom from early 2018, for the first time in more than 35 years. The decision is part of Saudi Arabia's social and economic reform program under Vision 2030, spearheaded by His Royal Highness the Crown Prince Mohammed bin Salman, who is currently on an official visit to the United States.

The Kingdom is set to have nearly 350 cinemas, with over 2,500 screens, by 2030.

Vision 2030 has established a goal of increasing annual Saudi spending on cultural and entertainment activities from the current 2.9% of total household expenditure to 6% by 2030.