Metro-Goldwyn-Mayer Studios Inc. and Sorouh Real Estate of Abu Dhabi, United Arab Emirates, have entered into a strategic alliance to \u201cexplore the development of entertainment opportunities within Sorouh’s real estate portfolio,\u201d according to a prepared statement. \u00a0The partnership\u2019s first project will reportedly be \u201ca large-scale entertainment destination.\u201d A third partner, Rubicon Inc., is a Jordanian company that produces interactive multimedia e-education and 3D animation\/CGI. \u00a0An MGM spokesperson told CPN that the project to be developed with Sorouh and Rubicon is only in the very earliest conceptual stages, but that it \u201cwill not be a theme park.\u201d Both Warner Brothers and carmaker Ferrari have announced plans for theme parks in or near Abu Dhabi. \u00a0The project, according to the spokesperson, will likely include hotels, retail and entertainment venues such as movie theaters and possibly one or more Las Vegas\u2013style theaters for live entertainment. The development process will begin over the next several months and will take three to five years for completion. \u00a0The project is being undertaken in Abu Dhabi in part, the spokesperson told CPN, because Dubai is \u201cbecoming oversaturated\u201d with entertainment venues. \u00a0This is MGM\u2019s second major overseas initiative since the legendary movie studio was taken private in 2005. In spring of last year, MGM signed a licensing agreement with Tianhong Real Estate and Tengxun for MGM Studio World, a retail, dining and entertainment center in Shanghai. The project is scheduled to open in spring 2010, to coincide with The World\u2019s Fair Expo in Shanghai. Launched in September 2005, Sorouh Real Estate is Abu Dhabi\u2019s largest publicly traded real estate developer, with a market cap of approximately $6.5 billion. The company\u2019s highest-profile current project is Shams Abu Dhabi, which will eventually be a city of 55,000 residents on Reem Island. \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Metro-Goldwyn-Mayer Studios Inc. and Sorouh Real Estate of Abu Dhabi, United Arab Emirates, have entered into a strategic alliance to \u201cexplore the development of entertainment opportunities within Sorouh’s real estate portfolio,\u201d according to a prepared statement. \u00a0The partnership\u2019s first project will reportedly be \u201ca large-scale entertainment destination.\u201d A third partner, Rubicon Inc., is a Jordanian…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1003781179","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\n