VOX Cinemas set to expand following $204m investment
VOX cinemas is set to expand in the Middle East thanks to a $204 million investment from retail conglomerate Majid Al Futtaim.
The investment to fund a total of 12 cinemas will prove fruitful for VOX’s exclusive partner, UAE-based cinema advertising company Motivate Val Morgan.
Avinash Udeshi, general manager at Motivate Val Morgan, said: “Cinema advertising is currently enjoying its best period ever both in terms of creativity (with four Effies and five Lynx’s won this year) and business numbers. We are well geared to serve VOX’s expansion plans and are keen to provide marketing opportunities to brands in thus far unchartered territories.”
Plans for the new cinemas will be rolled out in June and situated in the UAE, Oman, Qatar, Bahrain and Egypt.
Ahmed Galal Ismail, CEO at Majid Al Futtaim, Ventures, said: “Our investment in cinemas is expanding across the region. Whilst VOX Cinemas will always be an important anchor to Majid Al Futtaim’s expanding mall portfolio, we are pleased that VOX Cinemas is also providing attractive international grade cinemas with several other leading developers in the region.
“Middle Eastern box offices have enjoyed double digit annual growth in recent years, owing in many cases to the expanding network of cinemas that have been developed across the Middle East. Our investment in cinema in the UAE, Oman, Qatar, Bahrain and Egypt will see these expanding territories also enjoy modern and innovative cinemas that exceed international standards.”
Majid Al Futtaim took full control of VOX Cinemas four years ago, with 91 screens in nine locations across the UAE, employing more than 300 employees.
Motivate Val Morgan was formed in 1999 and is a joint venture between publishing company Motivate and Val Morgan Cinema Advertising. The group has worked on a number of innovative cinema campaigns including last year’s gold Dubai Lynx-winning Sony Xperia activation for FP7.