IMAX and MIF to Install Digital Theater in Cairo
The deal marks the first commercial IMAX theatre system contract in Egypt, and brings the total number of IMAX theaters scheduled to be operating in Europe, Middle East and Africa (the EMEA region) to 115 by 2014.
Under the terms of the sale agreement, MIF will install a digital IMAX theatre system in a newly-built 18-screen multiplex in the City Stars Katamia, which is expected to be East Cairo's premier shopping and entertainment destination upon completion.
IMAX's digital projection system delivers The IMAX Experience and helps drive profitability for studios, exhibitors and IMAX theaters by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX 3D presentations.
Gabriel Khoury, managing director of MIF, said: â€œIMAX theaters are performing very well in markets across the entire globe, indicating to us that the premium IMAX experience resonates with audiences everywhere. That unique characteristic, combined with the world's most advanced cinema technology and a growing list of Hollywood blockbuster releases, makes the IMAX business ideal for us.â€
Richard Gelfond, CEO of IMAX, said: â€œ"Misr International Films has a strong connection with moviegoers in Egypt, and we believe that connection, combined with their extensive knowledge of the market, is the perfect way to introduce The IMAX Experience to new audiences in the country.â€
Will the new deal commercially benefit the firms?
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