Dubai – Mubasher: Dubai-based The Abraaj Group on Wednesday announced investing in Pakistan-based leading cinema operator Cinepax Limited.
“With Abraaj’s investment, Cinepax plans to develop 80 new screens across multiple locations over the next four years and also grow other entertainment-related ventures,” the growth market investor said in a statement.
Abraaj plans to support Cinepax by establishing international standard multiplex cinemas in new and upcoming areas, which will help with job creation and training of multiplex staff, the company added.
The Dubai-based investor did not mention the value of its investment.
Commenting on the new investment, Omar Lodhi, partner for Asia at The Abraaj Group, said that his company’s investment in the Pakistani cinema operator comes on the back of forecasts of a long-term market opportunity in the cinema and video operating business in the country.
“Pakistan’s entertainment industry has significant growth potential, underpinned by strong demographic drivers, positive changes in regulatory frameworks, and a growing number of malls that can support cinema multiplexes,” according to The Abraaj Group.
The investment also “demonstrates our faith in the opportunity that Pakistan’s young growing population and expanding middle class represents,” along with the group’s improved entertainment options, he added.
