A QATARI cinema company plans to sell its business in the UAE and Bahrain, according to Reuters.
The Elan Group owns Novo Cinemas, but is reportedly working with Ernst & Young on the planned sale.
Two sources told the news agency that the group, which owns Novo Cinemas through its subsidiary Gulf Film Group, hoped to sell 100 per cent of its business in the two Gulf countries, but declined to provide a value for the sales.
Novo Cinemas has around 129 screens and 24,000 seats in 15 locations across the UAE, Qatar and Bahrain.
In Bahrain, it operates a cinema at Seef Mall Muharraq.
However, a Novo Cinemas spokeswoman declined to comment when contacted by the GDN yesterday.
The Arab quartet of Saudi Arabia, the UAE, Egypt and Bahrain last June severed all ties with Qatar for supporting terrorists and extremists in the region.
The four countries presented a list of 13 demands to Doha to resolve the diplomatic crisis, which included closing down the Al Jazeera news network.
However, the demands have still not been met.
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