Swicorp, the Fund Manager of Swicorp Wabel REIT (the “REIT”) announces the opening of a multi-screen cinema theatre at one of the REIT’s properties, Al Makan Mall, situated in the city of Hafr Albatin, Saudi Arabia. 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 theatres in its portfolio in three other cities with the one in Riyadh launching imminently, as well as, Dawadmi and Tabouk in due course.
Kelvin Kwok, CEO of Swicorp Saudi Arabia, said: “Our new investment in the first multiplex theatre 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 movie goers 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.”
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.