Swicorp announces the opening of AMC Cinemas in Riyadh's Al Makan Mall
Riyadh/Dubai, August 26, 2020- Swicorp, the Fund Manager of Swicorp Wabel REIT (the “REIT”), has announced the opening of a nine-screen AMC Cinema in the capital city of Saudi Arabia, in another of its REIT’s properties, Al Makan Mall, Riyadh. This is the second AMC Cinema to open at a Swicorp property this month, following the opening of AMC Hafr Al Batin, the first of its kind in the area. The opening of AMC Al Khair 9 in Al Makan Mall Riyadh yesterday was attended by various government officials, guests of honour and members of AMC’s executive team.
The Riyadh location is operated by AMC Cinemas, the largest cinema chain in the world and the company behind many industry altering initiatives. Swicorp Wabel REIT, which is listed on the Saudi Stock Exchange (Tadawul), is planning to open two more locations with AMC Cinemas in the cities of Dawadmi and Tabouk.
Mr. Kelvin Kwok, CEO of Swicorp Saudi Arabia, said: “Saudi Arabia is undergoing a fast-pace of change to achieve Vision 2030, and the rapid momentum of development in our REIT properties reflects the Kingdom’s agility and swiftness to attain these 2030 goals. We are delighted to be able to contribute to the Kingdom’s futuristic plans. In addition to that, having AMC, a world leader known for its continuous innovation in the entertainment business, as a partner for Al Makan Mall, Riyadh, will add value to the property and enhance its attractiveness to visitors. With the opening of our second AMC location today, we are also fulfilling our promise to our Swicorp Wabel REIT investors to diversify our portfolio by including the leisure and entertainment components to our existing retail developments.”
Mr. Hammad Mughal, Head of Asset Management at Swicorp, said: “There is ample demand for cinema entertainment in the Kingdom as our research shows. Our second AMC Cinema location features state-of-the-art facilities that our guests demand and deserve. Movie-going is an emerging trend in Saudi Arabia and one that is here to stay. It is offering consumers an additional reason to spend time at our malls and is opening huge growth opportunities for investors. Our REIT is now managing a fully diversified portfolio in its malls, comprising of F&B, retail shops, leisure and entertainment which now includes cinemas, as well as anchor tenants like hypermarkets or supermarkets.
The new 3,450 square meters AMC Cinema at Al Makan Mall in Riyadh offers the Swicorp Wabel REIT an opportunity to diversify its tenant mix and revenue streams in the interest of its unitholders. It will also help increase footfall in Al Makan Mall by creating a new attraction for families, as the mall is already considered an entertainment destination due to the presence of brands like Snowy Planet, Skyzone, Goal, and Burger Boutique.”
AMC Al Khair 9 will debut PRIME at AMC, an incredible Premium Large Format (PLF) experience unto itself, first-rate in-cinema experiences featuring massive screens, 4K Barco laser projectors, immersive sound and Luxe Recliner and Plush Rocker seating throughout. Also included is AMC Cinema Souq, a reimagined and fully customizable food & beverage concept.
Saudi movie-goers in Al Makan Malls in Riyadh and Hafr Al Batin will join over 200 million AMC guests around the world who have been enjoying the best movie-going experience in the industry, through continued innovation. AMC’s 100-year track record will come in handy for Saudi consumers who 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 Riyadh has implemented stringent health and safety processes for its visitors and associates, and this commitment will be extended to the new Cineplex with additional safety and hygiene guidelines implemented by AMC Cinemas, in line with its international policies.
AMC Entertainment Holdings (“AMC”) was founded in 1920 and is headquartered in Leawood, Kansas, USA and is today the largest movie exhibitor in the U.S., Europe, and the world. With best-in-class amenities such as plush, power recliners, AMC Dine-In Theatres, 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 theatres and 11,000 screens in fifteen 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 SAR 500 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”) with (Ticker Symbol 4345). The principal investment objective of the REIT is to invest in income generating real estate assets primarily within the Kingdom of Saudi Arabia. The REIT was listed on Tadawul on August 6th, 2018 with an initial capital of SAR 1,180 million which was used for the acquisition of its portfolio of four shopping malls located in Riyadh, Tabouk, Hafr Al Batin, and Dawadmi.
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