Abu Dhabi to spend US$1bn to 'bring Hollywood to Arabia'

The oil-rich emirate of Abu Dhabi announced on Wednesday it would pump more than US$1 billion into film production in tandem with Hollywood and other movie hubs according to AFP report.
Imagenation Abu Dhabi, a firm set up by Abu Dhabi Media Company, will "spend in excess of US$1 billion over the course of the next five years in the creation of both full-length feature films and digital content", the parent company said in a statement.
The announcement by the public company came just two days after Abu Dhabi grabbed world headlines by buying English football club Manchester City.

"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 statement said.
The company will also support "Middle East filmmakers and Arabian film production", it added.

The statement did not identify which US or other international producers the company would work with, but CEO Edward Borgerding said its target was to produce eight award-winning films a year.
"We are bringing Hollywood and the international production community to Arabia," he said.

On Monday, Abu Dhabi United Group for Development and Investment, another company based in the Gulf emirate, said it had bought Premier League club Manchester City from former Thai prime minister Thaksin Shinawatra.

The takeover was the most high-profile in a series of moves aimed at turning Abu Dhabi into a sports and cultural hub rivalling Dubai, which has emerged as a business and tourist centre and gained world fame through grandiose projects.

The Abu Dhabi government's investment arms have also made major overseas acquisitions, including a stake in US banking giant Citigroup and the iconic Chrysler Building in New York.