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Abu Dhabi - Alliance
Abu Dhabi's Sorouh Strikes Strategic Alliance With MGM and Rubicon to Explore the Development of Unique Entertainment Opportunities
ABU DHABI, United Arab Emirates - Sorouh Real Estate, one of the largest real estate developers listed on the Abu Dhabi Securities Market with a market cap close to AED 24 billion ($6.5 billion USD), announced it has signed an agreement with Metro-Goldwyn-Mayer Studios Inc. (MGM) and Rubicon, Inc. (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.
Sorouh Real Estate Vice Chairman and Director General of the Abu Dhabi
Authority for Culture and Heritage, Mohammed Khalaf Al Mazrouei 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 well known and respected
players in the entertainment industry and we are extremely proud to have been
given the opportunity to be part of such a unique alliance."
This agreement marks a new phase in the location-based entertainment
space for MGM announced in the past twelve months. In spring of 2007, MGM
signed a licensing agreement for MGM Studio World, the studio's first retail,
dining and entertainment center in Shanghai with Tianhong Real Estate and
Tengxun. MGM Studio World Shanghai is under construction and targeted to open
in spring 2010 to coincide with The World's Fair Expo in Shanghai.
Sorouh Real Estate, committed to the development of tourism in Abu Dhabi,
is currently developing several projects in the region including Shams Abu
Dhabi; a completely new self-sustaining city for 55,000 residents -- a city of
canals and parks which integrates world-class master planning practices and
extends the lush green of Abu Dhabi's landscape; in addition to numerous
mixed-use developments throughout Abu Dhabi.
Working collaboratively, Sorouh, MGM and Rubicon 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.
Mr. Al Mazrouei said: "This partnership is a testament to Sorouh's
continuous commitment to providing added value to both customers and investors
alike. 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."
"We are pleased to embark on this significant relationship with one of
the premier land developers in the United Arab Emirates," said Harry Sloan,
MGM's Chairman and CEO. "MGM's brand and myriad of successful entertainment
franchises are recognized around the world and, in working with Rubicon on
this project, we can develop and create unique entertainment destinations in
the region."
Fawaz H. Zu'bi, Chairman of Rubicon, said: "Rubicon is truly proud to be
a partner in this very important program. We see the clear vision of Abu
Dhabi's government and understand the underlying desire of Sorouh to create a
balanced environment integrating relevant aspects of culture, media and
entertainment in their developments to meet the needs and desires of coming
generations in the United Arab Emirates as well as the region. Along with
MGM, we will work to create such a balanced environment with a view to serve
the long term objectives of our partners."
MGM, a worldwide producer and distributor of motion pictures, television
programming, home video, interactive media, music and consumer products,
signed an agreement with Jordan-based Rubicon to start a relationship that
involves the establishment of a consumer products business throughout the
Middle East and North Africa region as well as location-based entertainment
initiatives. The pairing of MGM and Rubicon aims to further the growth of the
entertainment industry throughout the region.
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