Mukta Arts, through its subsidiary Mukta A2 Multiplex W.L.L., has entered into an agreement with Al-Othaim Investment Company to establish and operate cinemas across the Kingdom of Saudi Arabia.
The partnership highlights synergies between the real estate footprint of Al-Othaim group and the experience of Mukta A2 Cinemas in the movie exhibition business, informed an official statement.
Rahul Puri, Managing Director – Mukta Arts, said, “We are thrilled to be partnering with the Al-Othaim group to help build out the Kingdom of Saudi Arabia’s fledgling exhibition market. We are excited to add our experience and ethos in providing world-class entertainment to the region to follow up the stellar success we have found in Bahrain with the properties we manage there. We are deeply committed to this project and are humbled by the faith shown in us. We look forward to the partnership and the value it brings.”
“Strategically positioned within Saudi Arabia, the key focal points for expansion lie in the burgeoning Tier 2 and 3 cities, which are experiencing dynamic growth as part of the Vision 2030 initiative. Mukta, while not currently engaged in direct investment, has strategically positioned itself through contractual agreements solely focused on providing management and operations services, aligning seamlessly with the evolving landscape of these emerging markets,” he added.
Akshay Bajaj, COO – Middle East, Mukta A2 Cinemas, said, “We look forward to the synergies of our partnership with the Al-Othaim group and to provide movie-goers with unrivalled experiences as Saudi Arabia increases its ever-growing cultural and entertainment offerings.”
Mukta Arts has in its control over 100 screens through subsidiaries Mukta A2 Cinemas, Mukta A2 Multiplex WLL (in Bahrain) and through its joint ventures, the statement added.
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