For Free Headlines Submit Your Email
Sunday, April 30, 2017
Imax Corporation and Majid Al Futtaim Cinemas, the operator of VOX Cinemas and the largest exhibitor in the Middle East, have announced a hybrid joint revenue share agreement for three Imax theaters to be located in Bahrain and the UAE. The theaters will include two digital and one Imax with Laser system. The agreement brings to seven VOX Cinemas' total Imax commitment with theaters currently open in the UAE, Lebanon and Oman.VOX Cinemas' first Imax theater opened in 2015 at the exhibitor's flagship complex located within the landmark Mall of the Emirates in Dubai, UAE. Since its launch, the theater, which features an Imax with Laser system, has become one of the highest-grossing Imax sites in the world.In September 2016, VOX Cinemas opened the first Imax theater in Lebanon, located in City Center Beirut, and the first in Oman, located in City Center Qurum, Muscat. Both sites have generated approximately 25% of the gross box office for all major blockbusters released in their respective markets since opening."As the fastest-growing cinema chain in the Middle East, Majid Al Futtaim Cinemas is a strategic partner that is bringing Imax to its flagship complexes in top tier locations. This is our third deal with Majid Al Futtaim in the last 24 months and based on our successful track record, we expect these future sites to be very strong performers," said Imax CEO Richard L Gelfond."The Middle East remains a solid growth market for IMAX with per screen averages that are among the highest in the world. We believe that with strategic partners such as Majid Al Futtaim Cinemas, we will be able to seize the many growth opportunities that exist and further expand our footprint in this important market."The performance of our current Imax theaters has exceeded our expectations, driving further attendance and increasing the box office in both our new and existing complexes. These factors coupled with Imax's immersive technology and strong recognition of the VOX Cinemas brand in the region have led us to agreement," said Cameron Mitchell, CEO of Majid Al Futtaim Cinemas, VOX Cinemas."Imax supports our strategic focus on innovation and quality, driving VOX Cinemas' customer experience to create great moments for everyone, every day. Together we look forward to building more world-class cinemas throughout the Middle East."Imax with Laser represents a quantum leap forward in cinema technology. The system – designed for Imax screens 75 feet and above — provides audiences with the sharpest, brightest, clearest and most vivid digital images ever, combined with a whole new level of immersive audio.With 29 cinema complexes totaling 284 screens across the region, including 163 screens in the UAE, 15 screens in Lebanon, 47 screens in Oman, 20 screens in Bahrain and 21 screens in Egypt and 18 screens in Qatar, VOX Cinemas is now the Middle East's largest and most rapidly growing cinema exhibitor. The company is undergoing a Dh1 billion investment that will see the company expand to operate 600 screens across 50 locations in the region by 2020.
© 2017 BEDigest. All Rights Reserved.