Sun, 29 July 2018
Following reports on April 18 that Qatar’s Elan Group has been working to sell Novo Cinemas’ UAE and Bahrain theatres, India’s Carnival Cinemas and a partner in the UAE are amidst talks to buy the theatres, aiming to segregate cross border business in the Gulf regions.
Carnival Cinemas operates in more than 100 Indian cities. With the popularity of Bollywood films in the UAE and the Gulf, it has shown interest in being potential co-investors.
Formerly known as Grand Cinemas, Novo Cinemas was first established under Gulf Film Group, which was incorporated with Elan Group in 2012. There are now over 114 screens in multiple cinemas across the GCC under the Novo Cinemas brand, according to Elan Group’s website.