Business | Property
Sorouh in entertainment deal with MGM-Rubicon
Sorouh Real Estate on Wednesday said it has signed an agreement with Metro-Goldwyn-Mayer Studios (MGM) and Rubicon to explore the development of entertainment opportunities within Sorouh's real estate portfolio.
- Staff Report
- Published: 00:17 March 27, 2008
Dubai: Sorouh Real Estate on Wednesday said it has signed an agreement with Metro-Goldwyn-Mayer Studios (MGM) and Rubicon to explore the development of entertainment opportunities within Sorouh's real estate portfolio.
The first project, intended to be a large-scale entertainment destination, is to feature unique concepts and will establish new industry benchmarks by presenting a blend of western and Middle Eastern cultures and traditions that are unique to the region.
Mohammad Khalaf Al Mazroui, vice-chairman of Sorouh and director-general of the Abu Dhabi Auth-ority for Culture and Heritage, said: "Through our partnership with MGM and Rubicon, we hope to leverage the unique opportunities available within our real estate portfolio and, ultimately, raise the profile of the entertainment destinations offered by Sorouh for the emirate of Abu Dhabi.
"Both MGM and Rubicon are respected players in the entertainment industry and we are extremely proud to get the opportunity to be part of such an unique alliance."
The three companies will develop a broad and varied entertainment platform and creative content for a high quality themed entertainment and leisure facilities.
The collaboration will take a phased approach to creating and implementing entertainment concepts and theme-related real estate developments.
The strategic alliance will also explore other business opportunities, seeking to establish a long-term, multi-faceted relationship.
Al Mazroui said: "This partnership is a testament to Sorouh's continuous commitment to providing added value to both customers and investors alike.
Tourism destination
"It is our hope that this partnership will enhance Sorouh's position to further cement Abu Dhabi's reputation as a leading tourism and lifestyle destination."
Harry Sloan, chairman and CEO of MGM, said, "We are pleased to embark on this significant relationship with one of the premier land developers in the UAE.
"MGM's brand and myriad of successful entertainment franchises are recognised around the world and, in working with Rubicon on this project, we can develop and create unique entertainment destinations in the region."
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
