Business | General
Hollywood Studios launches Mideast initiative
Hollywood Studios International (HSI), based in Beverly Hills and Dubai, has signed a memorandum of understanding with Prince Faisal Al Saud to set up a film studio in the region.
- By Maey El Shoush, Staff Reporter
- Published: 00:10 July 3, 2008
Dubai: Hollywood Studios International (HSI), based in Beverly Hills and Dubai, has signed a memorandum of understanding with Prince Faisal Al Saud to set up a film studio in the region.
The main objectives of the partnership include the efforts of Prince Faisal, from the Saudi royal family, in terms of the continuing capitalisation of the company, formation of a production label as well as developing charity initiatives.
Prince Faisal told Gulf News how he sees the partnership changing the way the film industry is regarded in the Middle East. "I'm pleased to be partnering with Hollywood Studios International and feel that this is the first step towards building an entertainment studio with the spirit and values of the 21st century," he said.
The MoU calls for a long-term relationship to build a a studio encompassing artist management, production and content distribution with in-house financing capabilities though a series of funds.
Prince Faisal will also be involved in the creative process and day to day operation of the company, said Sir Steven Saxton, CEO of HSI, which also has offices in Los Angeles, New York and Hong Kong.
He also said that during the 20th century, North-America based media companies dominated, but the industry is now set to shift dramatically with a partnership aiming for a more global and inclusive future of entertainment.
"This partnership builds a bridge between East and West, in a way that will allow for a truly global approach to entertainment," said Sir Steven. "As the world connects more, the ability to create content that will best serve audiences around the world requires input from around the world."
Prince Faisal attended several fine arts institutions in Europe and his creative talents and accomplishments as a painter led to exhibitions in London, Paris, Vienna, Beirut and Geneva.
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