India's PVR eyes opportunities in Saudi cinema market

PVR Limited, India’s largest movie exhibitor, is exploring growth opportunities in Saudi Arabia and the UAE, Bloomberg reported, citing its chief financial officer Nitin Sood.

“In our business, the biggest opportunity is typically in markets which are opening up and Saudi Arabia is just opening up,” Sood said.

The company was looking at projects in Dubai as well, he added.

In July, the cinema chain operator agreed to work with Dubai-based Al-Futtaim Private Co. on a feasibility study and subsequently forge a joint venture for projects in the region.

Last December, Saudi Arabia lifted a 35-year ban on cinemas, as part of broader reforms in the Kingdom. The move, part of the Vision 2030 initiative, is expected to open up more than 350 cinemas, with over 2,500 screens until 2030.