Hollywood is latest target for Middle East oil money
After buying a £200 million slice of English Premier League Football, Abu Dhabi is now looking to increase its profile on another international platform and has turned its attentions to Hollywood.
By Lucy Cockcroft
Last Updated: 9:43AM BST 03 Sep 2008
The emirate is to announce plans for a £560 million ($1 billion) investment in films, funded by the government, in a move that will make it one of the world's biggest producers.
Edward Borgerding, chief executive of the Abu Dhabi Media Company, has said it will allow the Gulf state to back up to eight films a year over five years.
The deal is part of a strategy engineered by the Abu Dhabi government and royal family to re-brand the nation as a hub of western culture by buying into globally renowned brands.
Work is underway for a Ferrari theme park in collaboration with the Italian sports car company, and to open an art Gallery which has been granted permission to use the Louvre name.
This week The Abu Dhabi United Group for Development and Investment spent £200 million to buy Manchester City football club, and another fund, The Abu Dhabi Investment Council, has recently bought a controlling stake in New York's Chrysler Building.
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Chickenkiller
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