BD7m project to start business on Oct 1
The BD7 million state-of-the-art Cineplex, the largest in the Middle East with 20 screens and a capacity of 4,200 viewers, will open its door for business at the Bahrain City Centre on October 1, a senior official at Cineco said.
The Cineco General Manager, Ahmed Rashid, at the annual general assembly of the Bahrain Cinema Company, said the project would totally revolutionise the Cineplex concept in Bahrain.
Earlier, the shareholders at the AGM of Bahrain Cinema Company (Cineco) approved the financial statement for the year 2007 and also approved the capital increase at the extra ordinary general assembly meeting.
The chairman of the board, Dr Esam Abdullah Fakhro, said that the company would also open a BD2.8 million mall in Qatar as part of its expansion plan.
Dr Fakhro said: "The total assets of the company rose to BD37.4 million at 2007 end from BD30.2 million in 2006.
The gross operating profit reached BD2.89 million at the end of 2007 from BD2.2 million a year earlier.
Earnings per share rose to 141 fils from 65 fils in 2006. Net profit transferred to the retained earnings was BD5.25 million at the end of 2007 from BD2.38 million."
The 8,000 square metre, 20 screens and 4,200 capacity Cineco Cineplex , run and operated by the Bahrain Cinema Company, will stand apart in the region as the only cinema theatre offering the latest in European VIP standard seats, introducing to the movie goers the best-ever comfort and luxury experienced.
Rashid said: "In addition, the facility will have the usual Dolby Digital, SDDS and DTS sound systems, as well as wall-to-wall screens to give the viewers the ultimate experience. The Bahrain City Centre is an iconic project in Bahrain and we are happy to be part of another such development within it."
"The Bahrain cinema fan is one with hugely discerning tastes and we have to look forward to cater to those tastes. The development is well under way and will open along with the Bahrain City Centre opening its doors next year," he said. The Cineplex screens will be equipped with the latest technology, in the process greatly enhancing screening and viewing pleasure. It will be the only Cineplex in the region that will also include a special exquisite cinema screen for VIP cinema-goers who wish to enjoy consummate service and in-cinema hospitality which will all be available in the three-level shopping and leisure destination Bahrain City Centre, which is sure to be a landmark development for Bahrain when it opens in the second half of next year, as it will have almost 330 retail units, spread out over a total Lease able area of 150,000-square-metres.
A total of 317 units have been taken up since marketing efforts began two years ago, with tenants ranging from the world's most recognisable brands to popular local retailers, catering to all tastes and budgets.
Rashid said what they are also looking at making the Cineplex markedly different from the other cinemas in Bahrain in terms of sheer variety of food and beverages that will be on offer. The Cineplex will have a reputable coffee shop franchise, candy stores and a variety of snacks and munches like crepe, Fresh fruit juices and cookies. ...Coupled with this, we shall strive to get the latest films to Bahrain's hugely diverse audiences," he added.
He said the Cineplex will also feature the most luxurious amenities and the biggest lobbies that will be easily recognised as one of the 'biggest Cinema lobbies in the world'. Bahrain Cinema Company is a regional leader in the movie and cinema business as it will add a new rank of movie watching in the kingdom of Bahrain.
Bahrain Cinema Company owns and operates a total of 24 screens in Bahrain with 4 theaters in the Saar Cineplex , 16 in Seef Mall, 1 at Awal, 1 at Alhamra and 2 in the Al Jazeera cinema in Muharraq.
By Mahmood Rafique Business Correspondent
© Bahrain Tribune 2008
