A model of Twar Mall in the Duhail area.
By Peter Alagos
Business Reporter
The Qatar Cinema and Film Distribution Company (QCFDC) and the under-construction Twar Mall are expected to sign within a week a contract for the establishment of 12 state-of-the-art cinemas as part of the company’s expansion plans for 2015.
This was announced by QCFDC CEO and managing director Ali Ishaq Hussain al-Ishaq during the company’s Annual General Assembly on Monday.
Prior to the contract signing, al-Ishaq said the board has prepared several feasibility studies for the proposed locations of the new cinemas.
In a presentation, al-Ishaq said the 12 cinemas at Twar Mall span a combined space of 3,700sqm with a 1,500 total seating capacity. The types of cinemas to be built will range from normal to VIP and “special experience” theatres.
During the meeting, the board also approved the proposed distribution of cash profits of 10% (QR1 per share) plus the distribution of 10% free shares (1 share of QR10).
Al-Ishaq said net profit in 2014 increased to QR12.3mn compared to the QR11.7mn in 2013.
Aside from the expected 12-screen Cineplex at Twar Mall, QCFDC currently runs a total of nine cinemas at The Mall, Royal Plaza, and Landmark, with three cinemas for each mall.
Touted as Qatar’s first “green” mall to rise in the Duhail area, Twar Mall will include a large entertainment area and hypermarket. It will also boast of hundreds of retails shops, spacious food court, and an 80-room hotel.