Riyadh – Mubasher: India's biggest movie theatre operator PVR Ltd is looking to boost its overseas expansion over the next period, especially in Saudi Arabia and UAE, after acquiring new local cinema chain.
“The cinema chain operator is exploring setting up theatres abroad as it sees few opportunities for acquisitions in India after agreeing to buy SPI Cinemas Pvt. last month,” Bloomberg reported.
PVR's CFO Nitin Sood noted that his company is planning to set up projects in the emirate of Dubai.
“In our business the biggest opportunity is typically in markets which are opening up and Saudi Arabia is just opening up,” Sood told Bloomberg in a telephone interview.
The oil-rich kingdom is currently attracting investments in the recreation sector as part of the crown prince’s “Vision 2030” reform plan, intended to diversify the kingdom’s economy and invest more heavily in infrastructure. The entertainment sector is expected to largely contribute to raising the GCC nation's gross domestic product (GDP).
In April, Saudi Arabia left the ban on cinema by screening science fiction movie “Black Panther”.
PVR Cinemas is currently operating more than 700 screens, along with taking over Cinemax India Ltd and DT Cinemas Ltd.