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Leading multiplex chain PVR Ltd on Tuesday said that it has signed a memorandum of understanding (MoU) with Dubai-based Al-Futtaim Pvt Co to explore opportunities to jointly develop cinema business in the Middle East and North Africa (MENA) region.
Both companies will work together over the next few months to undertake a feasibility study to convert this MoU into a formal joint venture arrangement, it said in a BSE filing. “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 high-end hospitality and entertainment,” the companies said in a statement.
Ajay Bijli, Chairman and Managing Director, PVR said: “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.”
Last year, the company had said that it is exploring opportunities for overseas expansion and expects to operate two multiplex properties in Sri Lanka by 2019.
Commenting on the partnership, Marwan Shehadeh, Group Director, Corporate Development at Al-Futtaim, said that PVR is the perfect partner for the company. “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 in discussion with landlords to secure other locations in Dubai and the Kingdom of Saudi Arabia,” he added.
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