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Metro-Goldwyn agrees entertainment projects in UAE

ABU DHABI
Thu Mar 27, 2008 1:55am EDT
MGM headquarters are shown March 13, 1996 in Santa Monica. REUTERS/Fred Prouser-Files HB/

ABU DHABI (Reuters) - Metro-Goldwyn-Mayer Studios Inc and Jordan-based Rubicon agreed to develop entertainment facilities with Abu Dhabi-based Sorouh Real Estate in the United Arab Emirates, the companies said on Thursday.

The first project will mix Western and Middle East cultures and traditions, they said in a joint statement, without giving details.

"It is our hope this partnership will enhance Sorouh's position to further cement Abu Dhabi's reputation as a leading tourism and lifestyle destination," Sorouh Vice Chairman Mohammed Khalaf al-Mazrouei said in the statement.

Emirates Business newspaper, citing Daily Variety magazine, said the projects will cost as much as $1 billion to develop.

Sorouh is developing 45 billion dirhams ($12.25 billion) of real estate projects in Abu Dhabi as the emirate seeks to use its record oil wealth to diversify its economy into tourism and business.

Last year, Sorouh's biggest Abu Dhabi rival, Aldar Properties, agreed with Warner Bros Entertainment to set up a film and video-game production company that includes development of a theme park, hotels and cinemas.

(Writing by John Irish and James Cordahi; Editing by Michael Urquhart)


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