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MUMBAI:
Sorouh Real Estate in Abu Dhabi has signed an agreement with
Metro-Goldwyn-Mayer Studios (MGM) and 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. In spring of 2007, MGM signed a licensing agreement
for MGM Studio World, the studio's first retail, dining and
entertainment centre 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.
Al Mazrouei adds, "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."
MGM chairman and CEO
Harry Sloan says, "We are pleased to embark on this significant relationship
with one of the premier land developers in the United Arab Emirates.
"MGM's
brand and myriad of successful entertainment franchises are
recognised around the world, and in working with Rubicon on
this project, we can develop and create unique entertainment
destinations in the region."
Rubicon chairman Fawaz H Zu'bi said, "Rubicon is truly
proud to be a partner in this very important programme. 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 serving the long-term objectives of our partners."
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