Majid Al Futtaim Cinemas, the cinema arm of mall developer Majid Al Futtaim, has announced a total investment in its VOX brand of AED1 billion ($272 million).
The company said it has significantly increased its investment in the business from an initial AED750 million announced in March 2014.
The funds will facilitate the ongoing enhancement of existing cinemas in current markets, while supporting the company’s expansion plans to open new locations in existing and new MENA markets, to attract a further 50 million customers over the next five years.
Since opening its first cinema in Ajman City Centre in 1999, VOX Cinemas has grown to be the region’s largest cinema exhibitor.
Majid Al Futtaim Cinemas posted a 50 percent growth in VOX Cinema admissions from January to April 2015 in comparison to the same period in 2014.
Cameron Mitchell, CEO, said: “Over the last few years we have built the VOX Cinemas business from the ground up with Majid Al Futtaim, their vision and commitment to our brand have been key drivers of our success.
"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.”
Complementing the 129 screens present across the UAE, Oman and Lebanon, the company has just opened its 10th VOX Cinema in the UAE and the 13th VOX Cinema in the region at Burjuman Mall.
The new VOX Cinema boasts 14 screens including four VOX GOLD screens, 1 VOX MAX big screen experience and one VOX Kids theatre for private parties and children’s events.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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