Subhash Ghai’s Mukta A2 Cinemas to operate theatres in Saudi Arabia

livemint.com:

Mukta Arts Ltd. has entered into an agreement with Saudi Arabia-based Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia through its Bahrain subsidiary, Mukta A2 Multiplex W.L.L. The partnership highlights the synergies between the real estate footprint of the Al-Othaim group and the experience of Mukta A2 Cinemas across the value chain in the movie exhibition business, Mukta said in a statement.

“We are thrilled to be partnering with the Al-Othaim group to help build out the Kingdom of Saudi Arabia’s fledgling exhibition market. We are excited to add our experience and ethos in providing world-class entertainment to the region to follow up the stellar success we have found in Bahrain with the properties we manage there. We are deeply committed to this project and are humbled by the faith shown in us.

We look forward to the partnership and the value it brings," Rahul Puri, managing director – Mukta Arts Ltd said in a statement. Puri said that the key focal points for expansion in Saudi Arabia lie in the tier-two and three cities, which are experiencing dynamic growth. Mukta, while not currently engaged in direct investment, has positioned itself through contractual agreements solely focused on providing management and operations services, aligning with the evolving landscape of these emerging markets.

The move further boosts the expansion plans for the cinema exhibition business of Mukta Arts Ltd, which controls over 100 screens, through Mukta A2 Cinemas Ltd, subsidiary company, Mukta A2 Multiplex WLL, subsidiary in Bahrain, and through its joint ventures. In 2018, PVR Cinemas had signed a deal with UAE-based Al-Futtaim to expand into the Middle East market. Carnival Cinemas