UAE-based Al-Futtaim Group has signed a memorandum of understanding (MoU) with India’s movie theatre operator PVR Ltd to set-up a joint cinema business in the Middle East and North Africa (MENA), the group said in a statement today.
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.
“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.
Al-Futtaim has already identified locations at its real estate projects such as Dubai Festival City and Festival Plaza in Dubai and is in discussion with landlords to secure other locations in Dubai and Saudi Arabia, he said.
The Kingdom, late last year, decided to lift a 35-year-old ban on cinemas and opened its first movie theatres in March, as part of the Vision 2030 reform program.
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