Partners agree plan to open more cinemas in Kingdom

People are seen at Riyadh Park mall during the opening of a cinema on April 30, 2018. (REUTERS file photo)
Updated 01 February 2019
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Partners agree plan to open more cinemas in Kingdom

  • SEVEN group has commttted to develop and operate 50 movie theaters throughout the Kingdom

JEDDAH: A partnership agreement to open more cinemas in Saudi Arabia has been signed by business chiefs.

Abdullah bin Nasser Al-Dawoud, chairman of the Saudi Entertainment Ventures Co. (SEVEN), and Fouad Al-Rashed, CEO of Asala Holding Co., on Thursday put pen to paper on a deal to establish new AMC cinemas in several Saudi cities.

The agreement is part of SEVEN’s strategy to develop and operate 50 movie theaters throughout the Kingdom over the coming years.

SEVEN, a unit of the Kingdom’s Public Investment Fund (PIF), aims to drive the Saudi entertainment industry forward through its other strategic sectors, particularly leisure parks.

Real estate firm Hamat Property Co., the operating arm of Asala Holding Co., specializes in the ownership, development and management of shopping centers and commercial properties. The company’s portfolio includes 25 operating shopping malls in the Kingdom.

SEVEN recently announced the launch of its first family-friendly entertainment complex, in Riyadh. 

 


Saudi Arabia says deposits $250 million into Sudan's Central Bank: statement

Updated 19 May 2019
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Saudi Arabia says deposits $250 million into Sudan's Central Bank: statement

  • Saudi Arabia and UAE pledged to send $3 billion worth of aid to Sudan
  • The remaining amount will be allocated to meet the urgent needs of the Sudanese people

RIYADH: Saudi Arabia said on Sunday it deposited $250 million with the Sudanese central bank, according to a statement from the Kingdom’s ministry of finance.

Saudi Arabia and the UAE pledged to send $3 billion worth of aid to Sudan, after mass protests led to the ouster of president Omar al-Bashir last month.

The move will strengthen Sudan’s “financial position, alleviate pressure on the Sudanese pound and achieve more stability in the exchange rate," the statement said.

Saudi Arabia and the United Arab Emirates have deposited now $500 million into Sudan’s Central Bank, the first instalment of the joint package of aid.

The remaining amount will be allocated to meet the urgent needs of the Sudanese people, including food, medications and oil derivatives.

Mohammed Abdullah Al-Jadaan, Minister of Finance, confirmed that this deposit constitutes an extension of the Kingdom’s support to the Sudanese people.

He added that this support will strengthen the financial and economic situation in Sudan, especially the exchange rate of the Sudanese pound, which should reflect positively on the living conditions of the Sudanese citizens.