Bahrain Cinema Company signs a BD 5 million agreement

The 20 screen Megaplex will occupy an area of 8000 square meters and is the largest of its kind not only in the Middle but also South East Asia.

Managing Director of Bahrain Cinema Company Dr. Esam Fakhro said that this project which is the optimum of cooperation between Bahrain Cinema Company and Majid Al Futtaim Investments, will enhance the company's position in the cinema sector in the kingdom and will enable it to retain the largest market share, keeping in mind the increase in the number of investments and real estate projects in the kingdom and the expected growth in Bahrain's economy in addition to the increase of the number of people in Bahrain, whether residents or tourists. All this will result in a higher demand for this sector and we have to act accordingly to meet the expected growth.

Dr. Esam Fakhro affirmed that Bahrain Cinema Company's budget is improving year after year due to the wise strategy implemented by the board of directors in diversifying sources of income, a move which has had a positive effect reflected in the company's shares performance, specially as there are indications that returns per share may have crossed the 100 fils barrier in last year's financial results which will be announced soon. This type of performance contributed in the board of directors' decision for this expansion. This project will cost BD 5 million and this includes construction work, internal fittings and furniture and state - of - the - art visual and audio equipment.

Dr. Fakhro congratulated Bahrain Cinema Company shareholders on this occasion, which the company considers a source of pride for them and for all Bahraini nationals.

As for the technical details of this project, General Manager of Bahrain Cinema Company Mr. Ahmed Rashed said, this project will be located at Bahrain City Center in the Kingdom of Bahrain, owned by Al Futtaim Investments, and will include 20 cinema theatres equipped with the most advanced modern technology to provide the purest picture and the clearest sound in total comfort.

This project will add to the total number of cinema seats owned by the company. The total number of cinema seats in Bahrain City Center which is three times larger than the biggest shopping Mall at present in Bahrain, is 3600. Bahrain Cinema Company currently has 16 cinema screens with 2743 seats in Seef Mall, 4 screens with 598 seats in Saar Cinema, 2 screens with 306 seats in Al Jazira Cinema, one screen with 800 seat in Awal Cinema and one screen with 425 seats in Al Hamra Cinema, bringing the total numbers of seats owned by Bahrain Cinema Company at present in Bahrain to 4872. The company also has 14 screens with 2125 seats in City Center Doha in Qatar.

This new project will also create a minimum of 100 job opportunities mostly for Bahraini nationals.

"We chose Bahrain Cinema Company for this project for several reasons but most importantly due to it being a national company with a vast experience in this sector. We look forward to start implementing this project and we hope to strengthen our ties further through more projects in the future. As for construction work on Bahrain City Center, this is due to begin towards the end of this month, January 2005 and is due for completion before the 16th December 2006, in time for Bahrain's national day celebrations," said Mr. Maher Al Shaer, General Manager of Project Development at Majid Al Futtaim Investments, Bahrain.

He said, City Center will be located in Seef District overlooking the sea and will occupy an area of 450,000sq meters. The 3 storey Center will be offering 150,000 sq meters for leasing and parking space for 6000 cars will be available in a purpose built 6 storey building. The project also includes one 5 star hotel and another 4 star hotel with a total of 600 rooms.

Mr. Al Shaer concluded by saying, there is much more information regarding Bahrain City Center which we shall reveal in due time.