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AMC Entertainment, Saudi sovereign fund to explore cinema venture

The Public Investment Fund of Saudi Arabia signed a nonbinding memorandum of understanding with AMC Entertainment Holdings Inc. to explore "a range of commercial opportunities" in Saudi Arabia's cinema industry.

The partnership is in line with the PIF's aim to help boost "promising new sectors," such as entertainment, according to a news release.

The deal was announced as the Saudi Arabian government is set to lift a ban on commercial cinemas that has lasted more than 35 years. The Saudi Ministry of Culture and Information will begin issuing licenses immediately to cinemas, with the first movie houses expected to open March 2018.

AMC Entertainment is a unit of Dalian Wanda Group Corp. Ltd.