Abu Dhabi creates $1bn movie biz
Chris Forrester, on 03-09-2008
abu_dhabi_mohamed_khalaf_al-mazrouei.jpgSeemingly just moments after having confirmed the purchase of Manchester City soccer club, Abu Dhabi has confirmed it is putting $1bn into movie making, in the process investing in up to eight movies a year. The move was announced by Mohamed Khalaf Al-Mazrouei, Chairman of both imagenation abu dhabi and the Abu Dhabi Media Company (pictured, left).
Abu Dhabi Media Company says it will invest $1bn over the next five years in “imagenation abu dhabi”, a new business designed to “finance and produce content for both the global and Arabic language markets”. From its base in Abu Dhabi, imagenation abu dhabi will enter into partnerships with high-profile USA-based and other international producers to develop and produce content for distribution throughout the world. The company’s remit also extends to supporting Middle East filmmakers and Arabian film production.
ADMC is already committed to a joint-venture with Warner Bros (and Aldar Properties) to build a theme park and hotel complex locally.
The launch of imagenation abu dhabi is part of Abu Dhabi Media Company’s strategy to become a worldwide leader in the production of content. Mohamed Khalaf Al-Mazrouei, Chairman of both imagenation abu dhabi and the Abu Dhabi Media Company said: “Abu Dhabi has established itself as a major player in the global economy, as evidenced through recent activity in the energy, real estate and transportation sectors. Media is no different and Abu Dhabi Media Company is fulfilling its ambition to become a global player in the media industry.”
Edward Borgerding, CEO of imagenation abu dhabi and Abu Dhabi Media Company said: “With imagenation abu dhabi, we are bringing Hollywood and the international production community to Arabia. Our aim is to make award-winning films which are commercially successful and appeal to audiences across the world. “Our target output of eight films every year will make imagenation abu dhabi one of the world’s top producers of feature films and establish Abu Dhabi as a leading centre for content creation,” said Borgerding