Pragma Group, the Lebanon headquartered family of companies, has announced a major new investment in the UAE market, acquiring and re-inventing the Palladium in Dubai Media City.

The UAE-based asset within the lifestyle arena will see a $100 million investment from the Pragma Group.

The Palladium’s multi-purpose venue, designed to host a variety of events, will be revamped and transformed into a unique entertainment centre like no other in the Middle East, a statement said.

“We have built a smart and successful business by using both hard facts and intuition to seek out the best opportunities on offer, the UAE’s Palladium being a great example of this philosophy in action,” stated Joe Tabet, chairman for Pragma Group.

Designed to deliver concerts, conferences, banquets and weddings, the Palladium will make a smart and successful addition to the group, sitting alongside The 400 and Cavalli Club as an ideal venue for both international and local scale events, he added.

Pragma Group also recently announced that it’s Lifestyle and Technology verticals will be consolidated under the Pragma family umbrella.-TradeArabia News Service