FINANCIAL NEWS

Qatar Media Services to spend USD500 million on new cinemas

22 Jun 2011

MENAFN) Qatar Media Services (Q. Media) announced Tuesday that it plans to invest USD500 million to open over 50 state-of-the-art multiplex cinemas by 2015, Arabian Business reported.

The new cinemas will be located both within Qatar and internationally, Sheikh Alhussain Bin Ali Bin Ahmed Al-Thani, Q. Media CEO, said. Q. Media is negotiating with mall owners to find locations for the multiplexes.

Q. Media said that the cinemas will have new features such as online and mobile phone ticket reservations. The company is also negotiating with US designers to plan unique facilities.

Q. Media recently acquired a 60 percent share of Qatar Cinema and Film Distribution Company (QCFS) for USD500 million as part of a plan to establish a media, cinema services and event management listed company before 2012.

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