DUBAI, Oct 25 - Dubai-based real estate company Emaar Properties said on Thursday it agreed with Singapore's Cathay Organisation on a venture to develop and manage cinemas in the Middle East, North Africa and South Asia.

Emaar Malls Group, a unit of the largest Arab real estate developer by market value, plans to invest $4 billion building shopping complexes in Arab nations, India and other South Asian countries.

The complexes will include cinemas. The first two malls will open in Dubai next year, Emaar said.

Emaar will own 75 percent of the joint venture, called Reel Entertainment, and Cathay Organisation the rest, it said.

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