Dubai’s Abraaj Group invests in Pakistani cinema operator Cinepax Limited
Pakistan’s leading cinema operator Cinepax Limited has announced to set up 80 new world-class cinema screens in different cities across the country.
Dubai-based firm Abraaj Group has announced to support the Company in establishing international standard multiplex cinemas in coming four years.
Cinepax Limited’s officials Arif Baig Muhammad and Pir Saad Ahsanuddin established Cinepax in 2006 and launched their first multiplex in 2007. Since then, the Company has established itself as the market leader and today has 29 screens in 12 locations.
Abraaj Group has been operational in Pakistan since 2004 and the latest transaction marks Abraaj’s 9th investment in Pakistan across a number of sectors including healthcare, power distribution, renewable energy and industry.
The Group places a high priority on environmental, social and governance considerations and will actively assist with job creation and training of multiplex staff, as well as strengthening governance and operational efficiency to achieve best-in-class operating standards.
Abraaj Group said that Pakistan’s entertainment industry has significant growth potential, with a low ratio of cinema screens 0.5 per population and the possibility of revitalizing the local film industry presents a compelling investment opportunity.
The investment will help build confidence among international investors about the Pakistan film industry, Nadeem Mandviwalla, head of a film distribution company and owner of multiple cinema screens said.
Omar Lodhi, partner for Asia at The Abraaj Group, Commenting on the development said: “Our investment into Cinepax demonstrates our faith in the opportunity that Pakistan’s young growing population and expanding middle class represents.
Omar further said about Arif Baigmohamed and Pir Saad Ahsanuddin the founder of Cinepax , reflect Pakistan’s vibrant entrepreneurship ecosystem, having helped grow the cinema sector in the country. We look forward to partnering with Cinepax’s
Chairman of Cinepax, Arif Baigmohamed said, “We are delighted to welcome Abraaj as an investor into our business and look forward to partnering together to reach more people across the country, providing much needed entertainment options.
This group is increasingly seeking improved entertainment options,which Cinepax is ideally positioned to provide. As one of the most active investors in Pakistan, with a strong on-the-ground presence, we see a long-term market opportunity in the cinema operator and video streaming business.