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FINANCIAL NEWS
UAE’s Grand Cinemas to double its screens in GCC
16 May 2012
(MENAFN) UAE-based Grand Cinemas is targeting a USD30 million expansion across the GCC region, Arabian Business reported.
CEO Jean Ramia said that the company currently operates 108 screens with plans to almost double the number over the next two years, adding that the expansion will be funded through a mixture of cash and debt.
He explained that the company plans to open three new cinemas in Abu Dhabi, three in Qatar and another in Dubai’s Dragon Mart, with plans to launch its first movie theatre in Georgia.
Grand Cinemas recently invested USD50,000 to USD80,000 on rebranding its corporate identity, amid increased competition from rivals such as Emaar Properties’ Reel Cinemas, and Majid Al Futtaim Group’s Vox Cinemas.
Grand Cinemas also plans to expand its Grand Class cinemas and introduce the country’s first in-dining cinema experience.
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