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MGM pacts on Abu Dhabi deal - Variety

Lion leaps on $1 bil project

MGM has inked a massive deal with Abu Dhabi-based real estate developer Sorouh and Jordanian animation shingle Rubicon to create an entertainment destination using MGM and Rubicon franchises.
Deal is the latest in a string of pacts between Hollywood studios and business interests in the United Arab Emirates.

The multifaceted strategic alliance, which could be worth up to $1 billion once all the projects are completed, will include retail, leisure and entertainment facilities.

Execs are also looking into creating a dedicated film and TV production fund, as well as exploring the possibility of building an animation studio in oil-rich Abu Dhabi.

Deal will likely take three to five years to complete, although the first CG concepts for the project are likely to be unveiled before the end of the year.

“We’re creating something never before seen in the industry,” MGM exec veep Travis Rutherford told Daily Variety. “It will be a unique environment.”

MGM properties such as “The Pink Panther,” “Rocky” and “Stargate” are likely to figure prominently in the development — which all involved were keen to stress will not be a theme park — as well as animated characters such as Ben and Izzy from the Rubicon stable.

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