Paramount signs licensing pact for UAE theme park
Los Angeles, June 26, 2007
Film studio Paramount Pictures said it agreed to let Ruwaad Holdings build a theme park in the UAE using its hit movies such as 'Titanic.'
The licensing deal follows a similar pact unveiled in May between Paramount, a unit of US media giant Viacom and South Korea's Daewoo Motor Sales Corp, which is building a $1 billion theme park south of Seoul using Paramount movies, characters and content to attract visitors.
Ruwaad said the Paramount park in the UAE would be the hub of a $2.5 billion, family-oriented development that is expected to include resorts, boutique hotels and shopping centers.
Financial details were not disclosed.
Ruwaad affiliate International Destination Brands would be responsible for finding funds and locating a site for development, the companies said in a statement.
Paramount would not invest money, but would help in the theme park's planning and design, the companies said. Along with 'Titanic,' Paramount films include 'Mission Impossible,' 'Braveheart,' 'Forrest Gump,' 'Grease' and 'The Godfather.'
In March, Marvel Entertainment, maker of comic book movies such as 'Spider-Man', said separately that it was working with UAE-based real estate company Al Ahli Group to build a $1 billion theme park in Dubai. Reuters