Cinema production company Imax is considering opening up to 67 cinemas in the UAE and Saudi Arabia, as demand for high-quality film viewing experience continues to rise in the Arab world's two biggest markets, its chief executive has said.
The company, which also owns an eponymous line of production cameras, is considering opening up to 17 screens in the Emirates, up from the present four, Richard Gelfond told The National in an interview.
In the kingdom, where it currently has 11 cinemas, Imax has set a bigger goal: the immediate target is 33 but "the addressable market is at least 50", he said.
Riyadh's more open policy towards the entertainment industry, part of reforms under Saudi Crown Prince Mohammed bin Salman, has led to more "state-of-the-art [infrastructure] being built", resulting in more cinema content being led in".
"We're optimistic that the growth curve will continue. There have been a lot of new forms of entertainment that people rush to, but the thing about movies is that they're constantly changing [with] new content. So people will go back more."
Saudi Arabia and the UAE are among Imax's key markets globally, ranking 14th and 17th, respectively, according to data from the Ontario and Los Angeles-based company.
Imax first opened in the UAE in 2010; in Saudi Arabia, it launched its first screens in 2019, a year after the kingdom reopened cinemas. Imax has been present in the kingdom since 2005, in the Science Dome of the Sultan bin Abdulaziz Science and Technology Centre in Al Khobar, although it is not used to broadcast films.
The cost to purchase or license an Imax system in the Middle East is estimated at about $1 million per theatre, which, when equated to above figures, would correspond to more than $50 million in the UAE and Saudi Arabia alone, Mr Gelfond said.
Meanwhile, shooting a film with Imax cameras can cost up to $5 million. Investment for equipment such as films, cameras and other technology, are also in excess of $50 million, he added.
Costs are not an issue for Imax, Mr Gelfond said, because the company has a revolving credit facility that has resulted in it having "little to no debt with $300 million in undrawn cash".
In its fiscal second quarter ended June, Imax's net income dropped 57 per cent year-on-year to $3.6 million, while revenue declined 9 per cent to $89 million. The company attributed this to the lingering effects of the pandemic and last year's labour strikes in Hollywood, though those are now "firmly behind us".
Cinema and the entertainment industry in general were hit hard by the Covid-19 pandemic in 2020, forcing people to rely on streaming services. Still, like several other sectors, it is gradually returning to growth, as the preference for watching films on the big screen remains, in addition to the anticipation of certain titles that were pushed back due to the global health crisis.
After a significant drop in 2020, revenue in the global cinema market has steadily risen and is projected to hit nearly $110 billion by 2029, up from nearly $80 billion in 2024, at a compound annual growth rate of 5.14 per cent, data from Statista Market Insights shows.
The number of cinemagoers is expected to reach about 1.9 billion by 2029, with the average revenue per viewer at $47.34, it added.
"We're in good financial shape ... even during the pandemic, other than at the very beginning, we were cash-flow positive," Mr Gelfond said.
"We generate cash, so it's not really an issue for us in terms of the capital required for improvement."
Proof of this, he said, is Imax's current development of a new generation of film cameras worth about $10 million. He declined to give further details.
That is also part of improving Imax's technological capabilities, which, like so many other industries, are also being influenced by artificial intelligence. Generative AI, in particular, is now helping the company rationalise costs, Mr Gelfond said.
AI is contributing more to generating content, cinema inputs such as sound levels and brightness, and preventive maintenance, which all lower the costs of maintenance and managing inventories, he said.
"Though there's work to be done through the issues of rights and who gets paid, but in other technologies, those things have been worked out and we're optimistic that it will work out in Imax," Mr Gelfond said.
Piracy, on the other hand, is not a concern for Imax, as "watching a lower-quality pirated version on your small TV or your phone isn't really competitive with the Imax experience", he said.
He pointed out it is "virtually impossible" to pirate Imax content: the average size of an Imax screen is approximately 22m by 16m, significantly bigger than the 16m by 6.1m found in traditional cinemas – making it difficult to illegally film inside the theatre, "even if shot on an iPhone", he said.
Streaming also has had little effect on Imax, Mr Gelfond said, with the company having more of a collaboration rather than competition with that industry.
"Consumers say they'd likely see a film on streaming if it was released on Imax first. Imax doesn't just help the theatrical release, it helps the whole chain of content, including the streaming window [and other platforms]," he said.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
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Price: Dh149,000
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Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
RESULTS
Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18
Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
READ MORE ABOUT CORONAVIRUS
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Pathaan
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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The Lost Letters of William Woolf
Helen Cullen, Graydon House
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
