Dubai – Mubasher: The Abraaj Group on Thursday revealed new investments in Cinepax Limited, Pakistan’s cinema operator, through its Fund.
Abraaj plans to develop 80 new screens over the next four years in addition to launching other related entertainment ventures, according to a company statement.
The new investments will help in creating jobs as well as promoting governance and operational efficiencies to achieve the best operating standards, Abraaj added.
“Our investment into Cinepax demonstrates our faith in the opportunity that Pakistan’s young growing population and expanding middle class represents,” Omar Lodhi, partner for Asia at The Abraaj Group, said.
“We are delighted to welcome Abraaj as an investor into our business and look forward to partnering together to reach more people across the country, providing much needed entertainment options,” Arif Baigmohamed, Cinepax’s chairman, commented.
The Abraaj Group has been working in Pakistan since 2004 in a range of sectors including healthcare, power distribution, renewable energy and industrials.
