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IMAX signs multiple theatre deal in Middle East

United Arab Emirates: Monday, February 21 - 2005 @ 12:03

The first, which is anticipated to open in late 2005 and will be a retrofit of an existing stadium seating auditorium, will be one of the first multiplex-based IMAX® theatres in the Middle East; the second is scheduled to debut by 2007.

The agreement brings the total number of IMAX theatres scheduled to be open in the Middle East by 2007 to nine, including new multiplex locations opening in Dubai, UAE and Doha, Qatar. This is the third multi-theatre deal IMAX has announced in recent weeks, reflecting the strong interest IMAX is seeing from commercial exhibitors around the world.

Savills, in its strategic alliance with UAE-based Asteco Property Management, is the agent representing IMAX, both in the UAE and Kuwait. IMAX is billed as the ultimate movie experience, with crystal clear images up to eight storeys high and wrap-around digital surround sound.

“The compelling economics of the IMAX MPX theatre system and the worldwide success of IMAX DMR releases make this an ideal time to join the IMAX theatre network,” said Alan Hall, General Manager of Kuwait National Cinema Company. “Adding IMAX theatres to our multiplexes will enable us to collect a premium price, offer the ultimate movie experience and further differentiate our sites from competitors.”

“KNCC is recognised as a trend setter in the Middle East exhibition business, and we believe the multiplex-based IMAX theatres they will open will serve as a showcase for the whole region,” said IMAX Co-CEO’s and Co-Chairmen Richard L. Gelfond and Bradley J. Wechsler. “We’re excited to be aligning with such a prominent commercial exhibitor to offer Kuwait’s moviegoers a new way to experience Hollywood movies, and we feel it will maximize our visibility and growth opportunities in this developing market.”

Both KNCC IMAX theatres will be capable of showing Hollywood films that have been converted into IMAX’s format using IMAX DMR (Digital Re-mastering) technology, as well as original IMAX and IMAX® 3D films. The IMAX MPX theatre system was specifically designed to make it more cost effective for commercial exhibitors to join the IMAX theatre network. The system enables a multiplex operator to more easily add an IMAX theatre to a development by retrofitting an existing stadium seating auditorium or via an economical new build.

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Monday, February 21- 2005 @ 12:03 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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