MAF Cinemas boosts investment in Vox Cinemas to Dh1b

Majid Al Futtaim Cinemas has increased its investment in the VOX Cinemas business from Dh750 million to Dh1 billion.

  

Sunday, May 17, 2015

Dubai: Majid Al Futtaim Cinemas, the cinema arm of Dubai-based conglomerate Majid Al Futtaim (MAF), has increased its investment in the VOX Cinemas business from Dh750 million to Dh1 billion, according to a company statement on Sunday.

The funds will be used to facilitate the ongoing enhancement of existing cinemas in current markets and open new locations in existing and new markets in the Middle East and North Africa, to attract a further 50 million customers over the next five years.

“This investment will further enable us to maintain our position at the forefront of the regional cinema industry whilst supporting our continuous efforts to innovate and create great moments for everyone every day,” said Cameron Mitchell, Chief Executive Officer at MAF Cinemas, in the statement.

Vox Cinemas opened its first cinema in Ajman in 1999 and has grown to include 129 screens across the UAE, Oman and Lebanon.

MAF Cinemas posted a 50 per cent growth in Vox Cinema admissions from January to April 2015 in comparison to the same period in 2014, according to the statement.

Staff Report

Gulf News 2015. All rights reserved.