Abu Dhabi: Hollywood film producer Warner Bros Entertainment has tied up with Abu Dhabi-based property developer Aldar Properties PJSC and the Abu Dhabi Media Company to roll out Warner Bros theme parks in the region, a joint statement said.
The three companies said their alliance covers the creation of a theme park and hotel and jointly owned multiplex cinemas, as well as the formation of a joint venture fund to fin-ance films and to develop and publish video games.
"It's a multi-billion dollar deal, it's significant," Aldar chairman Ahmad Ali Al Sayegh told Gulf News by telephone from New York shortly after signing the deal. But he declined to specify the exact value of the deal.
The agreement was signed in the presence of Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan.
"Abu Dhabi companies have collaborated to close a very important deal for the UAE," said Al Sayegh, adding the proposed money committed under the deal would be invested over the next five years.
"Aldar and Abu Dhabi Media Company together will invest 50 per cent, while the remaining 50 per cent would be invested by Warner Bros.," he said.
"We are going to build an integrated entertainment and media infrastructure that will be respectful to our culture and values," said Al Sayegh.
"This is a regional partnership that will cover the entire Middle East region," he added.
Beyond the businesses specifically outlined in the initial Warner Bros agreement with Aldar and Abu Dhabi Media Company, the companies will explore additional areas in which they can work together, including such ventures as production facilities, digital content distribution and retail opportunities in the Gulf region, said the statement.
"We look forward to working alongside Aldar and the Abu Dhabi Media Company to not only create an exciting and unique cultural destination in Abu Dhabi, but to have the opportunity to extend the Warner Bros businesses and brand throughout the region," the statement quoted Warner Bros chairman and chief executive officer Barry Meyer as saying.
For information on the real estate sector within the UAE, please visit our sister site, getthat.com.