Dubai: Abu Dhabi-based production company Genomedia Studios has inked an agreement to take over management and ownership of twofour54’s post-production facility.
The agreement will transfer the full facility and its assets to Genomedia Studios, including professional hardware, equipment and software such as Dolby Vision and Atmos. In addition, following a transitional period Genomedia Studios will take over all existing contracts, including the lease of the editing suites and screening room, and ongoing client projects, the companies said in a statement.
The facility will be relocated to twofour54’s purpose-built development Yas Creative Hub when it opens in the fourth quarter of 2021.
“This agreement is in line with twofour54’s intention to be an enabler for our partners and build a thriving, commercially sustainable creative industry in Abu Dhabi with room for private sector companies to compete,” said said Michael Garin, CEO of twofour54.
“As twofour54 and its community continues to expand the scale and economic contribution of the film and TV industry in Abu Dhabi, we see significant commercial opportunity to grow this part of the business,” said Yasser Hareb, CEO of Genomedia Studios.
“Our growth and expansion in the region will be spearheaded from Abu Dhabi which will become our regional HQ,” he added.