PVR Limited, the premium film exhibition company in India and Al-Futtaim, one of the most diversified and progressive privately held regional businesses headquartered in Dubai, signed a Memorandum of Understanding (MoU) to explore opportunities for jointly developing cinema business in the Middle East and North Africa (MENA) region. Both parties will work together over the next few months to undertake a feasibility study and convert this Memorandum of Understanding into a formal joint venture arrangement. The joint venture will introduce grand collection of unique experiential cinema formats to the region including PVR's Director's Cut format that blends the best in high-end hospitality and entertainment.

"We see great potential in the cinema business in the region, and particularly in Saudi Arabia following the government's decision to reopen the cinema industry," said Marwan Shehadeh, Group Director, Corporate Development at Al-Futtaim. "PVR is the perfect partner for Al-Futtaim given its 20 years proven track record of operating and creating experiential cinema formats, catering to customers looking for the best in class experiences. To begin with we have already identified locations in Al-Futtaim real estate developments such as Dubai Festival City and Festival Plaza in Dubai and are in discussion with landlords to secure other locations in Dubai and Saudi Arabia."