UAE's Al Futtaim plans new cinemas after signing JV deal
July 11, 2018
Agreement is signed with PVR Limited, the largest film exhibition company in India, to develop a cinema business in the MENA region
UAE-based conglomerate Al-Futtaim and PVR Limited, the largest film exhibition company in India, have signed an agreement to explore opportunities for jointly developing a new cinema business in the MENA region.
The joint venture will introduce a collection of unique experiential cinema formats to the region including PVR’s Director’s Cut, a format that blends the best in high-end hospitality and entertainment, a statement said
“We see great potential in the cinema business in the region, and particularly in Saudi Arabia, following the government’s decision to reopen the cinema industry,” said Marwan Shehadeh, group director, Corporate Development at Al-Futtaim.
“PVR is the perfect partner for Al-Futtaim, given its 20 years’ proven track record of operating and creating experiential cinema formats, catering to customers looking for best in class experiences."
He said locations for cinemas have already been identified in Al-Futtaim real estate developments such as Dubai Festival City and Festival Plaza in Dubai and discussion are also taking place with landlords to secure other locations in Dubai and Saudi Arabia.
Ajay Bijli, chairman and managing director, PVR Limited, added: “We see a great opportunity in taking the PVR brand to the MENA region, particularly expansion in UAE and entry into the Saudi Arabian market which has recently decided to open up the cinema industry."