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Massive Demand is Expected as Saudi Arabia Opens Public Cinemas

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Saudi Arabia will be opening the country’s first public movie theatre in more than a generation on April 18, 2018 in collaboration with AMC Entertainment, according to an announcement from the Saudi Ministry of Culture and Information. Located in Riyadh’s King Abdullah Financial District (KAFD), the cinema complex’s debut marks the signing of a definitive agreement between the U.S.-based cinema operator and the Public Investment Fund’s (PIF) newly-incorporated Development and Investment Entertainment Company (DIEC). Marvel’s “Black Panther” will be the first movie shown publicly.

Saudi Arabia lifted a 35-year ban on public cinemas last December as part of the kingdom’s grand Vision 2030 initiative to diversify its economy away from hydrocarbon revenues and expand growth of a nascent entertainment industry, opening the doors for investment partnerships with foreign entertainment companies. In tandem with the lifting of the ban, the PIF signed a non-binding Memorandum of Understanding (MoU) with AMC – the largest cinema operator by screens in the U.S., Europe and the world – to explore a wide range of commercial opportunities.

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CalPERS CFO Out over Questions on Resume from Media

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Charles Asubonten has exited as Chief Financial Officer of the California Public Employees’ Retirement System (CalPERS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Crown Court Dismisses Charges on Barclays Qatar Loan Deal

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Barclays can breathe some fresh air for now over a high-profile corporate case. In February 2018, the U.K. Serious Fraud Office (SFO) had brought charges against Barclays and Barclays Bank in regard to the capital raising deals made in 2008. The bank could have lost its banking license, if found guilty of the charges. A number of bank executives were personally charged as well.

The Charges

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Mubadala Participates in PLT Platform Expansion

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The Russian Direct Investment Fund (RDIF) corralled a number of Middle Eastern funds, including the Mubadala Investment Company, to augment investment exposure to a logistics infrastructure investment platform called Professional Logistics Technologies (PLT). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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