By Andy Sambidge
Company says in talks with mall owners to pick locations; also eyeing standalone movie complexes
Qatar Media Services (Q.media) said on Tuesday it planned to open more than 50 cinema multiplexes in the next three years.
The move comes as Q.media announced a deal to take a 60 percent stake in Qatar Cinema and Film Distribution Company (QCFS) following an acquisition deal worth nearly QR2bn.
Sheikh Alhussain Bin Ali Bin Ahmed Al-Thani, CEO of Q.media, said: "After significant study and planning, we have decided to invest more than QR1bn in the next three years to open more than 50 state-of-the-art multiplex facilities equipped with the latest technology in the field."
He added: "Our investment in the cinema sector will not be limited to the State of Qatar. We are also eagerly studying opportunities for investment outside of Qatar."
The two companies said in a statement they are currently involved in negotiations with mall owners to explore possible locations for opening new cinema facilities.
Following the acquisition, both companies also intend to establish a number of multiplex entertainment facilities, and have initiated talks with designers from the US to create innovative cinemas.
Q.media and Qatar Cinema said they intend to offer new cinema services to the Gulf state including allowing consumers to make ticket reservations over the internet or by mobile phone.
The acquisition deal is the first phase in an ongoing process to create a listed company specialising in media, cinema services and event management.
Details on the establishment of this company will be announced later this year, the statement added.