It has been recently reported that Dubai-based Abraaj Group, a private equity firm operating in the growth markets, made an investment in Pakistan’s entertainment industry by acquiring shares in Cinepax – Pakistan’s top cinema operator.
The investment is aimed at helping Cinepax develop as many as 80 screens across various locations in Pakistan. The Abraaj Group did not disclose the value of investment but made it clear in a statement that the investment will also be used to develop other entertainment-related ventures.
The Abraaj Group officials said that Pakistan’s entertainment industry has immense potential underpinned by strong demographic drivers, positive changes in regulatory frameworks, and an increasing number of shopping malls to support multiplexes.
“Our investment into Cinepax demonstrates our faith in the opportunity that Pakistan’s young growing population and expanding middle class represents. As one of the most active investors in Pakistan, with a strong on-the-ground presence, we see a long-term market opportunity in the cinema operator and video streaming business,” said Omar Lodhi, Partner for Asia at The Abraaj Group.
Arif Baigmohamed and Pir Saad Ahsanuddin established Cinepax in 2006, which opened its first multiplex in 2007. Since then, the company has been working really hard to make its mark on the country’s entertainment industry.
“..We continue to see an opportunity to further expand our footprint in not only our core cinema exhibition business, but also new related opportunities, including the digital video space. We are also committed to supporting local talent and the film making industry,” Baigmohamed said.