Mumbai, Nov 15, 2023: After expanding its businesses in India and internationally, Mukta Arts Ltd. through its Bahrain 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 the synergies between the real estate footprint of the Al-Othaim group and the experience of Mukta A2 Cinemas across the value chain in the movie exhibition business.
Mr. Rahul Puri, Managing Director – Mukta Arts Ltd., Commented, “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 further added.
Mr. Akshay Bajaj, COO – ME – Mukta A2 Cinemas, commented, “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.”
This further boosts the expansion plans for the cinema exhibition business of Mukta Arts Limited, which already has in its control over 100 screens, i.e. through Mukta A2 Cinemas Limited, subsidiary company, Mukta A2 Multiplex WLL, subsidiary at Bahrain and through its Joint Ventures.
Attached is the press statement, the company logo and the photograph of Mr Rahul Puri, just in case.
