LAS VEGAS, March 27, 2017 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Majid Al Futtaim Cinemas, the operator of VOX Cinemas, the largest exhibitor in the Middle East, today announced a hybrid joint revenue share agreement for three IMAX® theatres to be located in Bahrain and the United Arab Emirates, including two digital and one IMAX® with Laser system. The agreement brings to seven VOX Cinemas' total IMAX commitment with theatres currently open in the UAE, Lebanon and Oman.
VOX Cinemas' first IMAX theatre opened in 2015 at the exhibitor's flagship complex located within the landmark Mall of the Emirates in Dubai, UAE. Since its launch, the theatre, which features an IMAX with Laser system, has become one of the highest-grossing IMAX sites in the world. In September 2016, VOX Cinemas opened the first IMAX theatre in Lebanon, located in City Centre Beirut, and the first in Oman, located in City Centre Qurum, Muscat. Both sites have generated approximately 25% of the gross box office for all major blockbusters released in their respective markets since opening.
"As the fastest-growing cinema chain in the Middle East, Majid Al Futtaim Cinemas is a strategic partner that is bringing IMAX to its flagship complexes in top tier locations. This is our third deal with Majid Al Futtaim in the last 24 months and based on our successful track record, we expect these future sites to be very strong performers," said IMAX CEO Richard L. Gelfond. "The Middle East remains a solid growth market for IMAX with per screen averages that are among the highest in the world. We believe that with strategic partners such as Majid Al Futtaim Cinemas, we will be able to seize the many growth opportunities that exist and further expand our footprint in this important market."
"The performance of our current IMAX theatres has exceeded our expectations, driving further attendance and increasing the box office in both our new and existing complexes. These factors coupled with IMAX's immersive technology and strong recognition of the VOX Cinemas brand in the region have led us to today's agreement," said Cameron Mitchell, CEO of Majid Al Futtaim Cinemas, VOX Cinemas. "IMAX supports our strategic focus on innovation and quality, driving VOX Cinemas' customer experience to create great moments for everyone, everyday. Together we look forward to building more world-class cinemas throughout the Middle East."
IMAX with Laser represents a quantum leap forward in cinema technology. The system – designed for IMAX screens 75 feet and above — provides audiences with the sharpest, brightest, clearest and most vivid digital images ever, combined with a whole new level of immersive audio.
About VOX Cinemas
VOX Cinemas is the Middle East's most innovative and customer-focused cinema exhibitor. Owned and operated by Majid Al Futtaim Cinemas, VOX Cinemas is the cinema arm of Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa. With 29 cinema complexes totalling 284 screens across the region, including 163 screens in the UAE, 15 screens in Lebanon, 47 screens in Oman, 20 screens in Bahrain and 21 screens in Egypt and 18 screens in Qatar, VOX Cinemas is now the Middle East's largest and most rapidly growing cinema exhibitor.
The company is undergoing a 1 billion dirham investment that will see the company expand to operate 600 screens across 50 locations in the region by 2020. Tailoring every cinema location to the surrounding market place and customer preferences, VOX Cinemas offers a mix of cinema experiences including two luxury cinema concepts, the first one being ThEATre by Rhodes which is a collaboration with Michelin Star Chef Gary Rhodes, and the second one being the much loved GOLD luxury cinema experience. Taking the MAX big screen cinema to the next level, VOX currently operates the Middle East's largest cinema screen in the region at the Virgin Radio MAX screen in City Centre Deira in Dubai. VOX also has the very first and only IMAX with Laser screen in the Middle East, holds the Middle East's exclusive rights to the immersive 4DX experience, and operates KIDS, the very first cinema in the Middle East dedicated to kids having fun. VOX also recently introduced OUTDOOR, the first open air VOX Cinemas in the region located on Galleria Mall's Rooftop in Dubai for the cooler months of the year.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia.
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 15 international markets, employing more than 34,000 people, and obtaining the highest credit rating (BBB) among privately-held corporates in the region.
Majid Al Futtaim owns and operates 20 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, My City Centre neighbourhood centres, and four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Asia, and operates a portfolio of more than 170 outlets in 15 countries.
Majid Al Futtaim operates 242 VOX Cinema screens and 28 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company is parent to the consumer finance company issuing 'Najm' and 'Voyager' credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility and energy management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also owns the rights to The LEGO Store and American Girl in the Middle East and operates in the food and beverage industry through a partnership with Gourmet Gulf.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of Dec. 31, 2016, there were 1,215 IMAX theatres (1,107 commercial multiplexes, 16 commercial destinations and 92 institutions) in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos®are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE IMAX Corporation