Dubai-based Al-Futtaim and India-based film exhibition company, PVR Limited, have signed an agreement to explore opportunities for jointly developing a cinema business in the MENA region.
The joint venture will reportedly 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, the release stated.
Commenting on the partnership, Marwan Shehadeh, Group Director, Corporate Development at Al-Futtaim 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.
“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. To begin with, we have already identified locations in Al-Futtaim real estate developments such as Dubai Festival City and Festival Plaza in Dubai and are in discussion with landlords to secure other locations in Dubai and the Kingdom of Saudi Arabia.”
Elaborating on the potential in the region, Ajay Bijli, Chairman and MD, PVR said: “We see a great opportunity in taking the PVR brand to the MENA region, particularly expansion in the UAE and entry into the Saudi Arabian market which has recently decided to open up the cinema industry. We are delighted to partner with Al-Futtaim, which is one of the most diversified and progressive privately held businesses in the region.”