Dubai-based Abraaj Group has announced it has invested in Cinepax Limited, Pakistan’s leading cinema operator.
With Abraaj’s investment, the value of which has not been disclosed, Cinepax plans to develop 80 new screens across multiple locations over the next four years and also grow other entertainment related ventures, Abraaj said in a statement.
Arif Baigmohamed and Pir Saad Ahsanuddin established Cinepax in 2006 and launched their first multiplex in 2007. Since then, the company has established itself in the market and today has 29 screens in 12 locations.
Pakistan’s entertainment industry has significant growth potential, with a low ratio of cinema screens (0.5 per million population).
Abraaj said it will support the company in establishing international standard multiplex cinemas in new and upcoming areas.
Omar Lodhi, partner for Asia at The Abraaj Group, said: “Our investment into Cinepax demonstrates our faith in the opportunity that Pakistan’s young growing population and expanding middle class represents.
"As one of the most active investors in Pakistan, with a strong on-the-ground presence, we see a long-term market opportunity in the cinema operator and video streaming business.”
Arif Baigmohamed, chairman of Cinepax, added: “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.”
The Abraaj Group has been present in Pakistan since 2004. This transaction marks Abraaj’s ninth investment into Pakistan across a number of sectors including healthcare, power distribution, renewable energy and industrials.
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