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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