The Ajay Bijli-promoted company has signed a note of understanding (MoU) with Dubai-based heterogeneous business conglomerate Al-Futtaim cluster to explore opportunities for conjointly developing a cinema business within the MENA region.
PVR, the leading Indian multiplex player, is eager to expand its cinema exhibition business among the geographical region and nation-state (MENA) region.
The Ajay Bijli-promoted company has signed a memoranda of understanding (MoU) with Dubai-based distributed business conglomerate Al-Futtaim cluster to explore opportunities for together developing a cinema business among the MENA region.
“We see a wonderful likelihood in taking the PVRNSE 2.35 the complete to the MENA region, considerably enlargement in UAE and entry into the Saudi market that has recently determined to open up the cinema business,” Ajay Bijli, CMD, PVR, said.
Al-Futtaim, that has holding and retail businesses, will management fifty one among the venture, whereas PVR will bring the technical knowhow and operational management of the cinema exhibition business. PVR will consolidate equal share in topline and bottomline from the business.
Bijli told ET that the enlargement into MENA will not be at the worth of Indian business. “India is not swiftness down for North yankee nation and there is an oversized potential here too as a result of the market remains underserved. However, PVR as an entire has been making waves into the international markets, significantly where there is AN outsized audience for Indian films. As we’ve got a bent to were getting a lot of enquiries, we’ve got a bent to felt it is a tight likelihood,” Bijli same.
The venture will introduce a gaggle of experiential cinema formats to the region additionally as, PVR’s Director’s Cut. Al-Futtaim has already best-known locations in town pageant city and pageant Plaza and is in discussion with landlords to secure completely different locations in town and thus the dominion of land.
“We have already got best-known four properties, a pair of area unit reaching to be among the luxurious and premium format, whereas completely different a pair of area unit reaching to be large, multi-screen varied formats. we have a tendency to area unit reaching to scrutinize each of the properties severally for viability,” Bijli further added.
“We see nice potential among the cinema business among the region, and considerably in land, following the government’s decision to open up the cinema business,” same Marwan Shehadeh, cluster Director, company Development at Al-Futtaim.
On partnership with PVR, Shehadeh same, “PVR is that the superb partner for Al-Futtaim, given its twenty years’ proved diary of operational and creating experiential cinema formats, occupation to customers looking for best at college experiences.”
PVR presently operates a cinema circuit comprising of 630 screens at 100 thirty 5 properties in fifty 2 cities (19 states and UTs), serving seventy six million film buffs annually.
It’s not merely PVR, that’s eager to expand into MENA region. Carnival Cinemas is already trying to accumulate Gulf Film-owned multiplex chain Novo Cinemas, one in every of the foremost vital theatre chains among the geographical region with 129 screens across fifteen locations in Qatar, UAE and Bahrain.