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Ex-Sentosa boss heads latest Dubai blockbuster
DUBAI – Dubai has unwrapped plans for yet another major entertainment extravaganza – a US$2.5 billion resort and theme park based on Hollywood blockbusters. The announcement follows a licensing agreement between Paramount, the US film producer and distributor, and Ruwaad Holdings, a UAE real estate, hospitality and tourism investment company. Newly-appointed CEO of Ruwaad Destinations, Darrell Metzger, said that based on his experience of running the theme park on Sentosa island in Singapore “property values can accelerate significantly if the destination is well run,” sometimes by up to 300 per cent. Ruwaad said it will develop and finance a Paramount Pictures-branded entertainment destination featuring various rides, simulators and shows based on titles such as Titanic, Mission Impossible and The Godfather, as well as Bollywood and Arabic films. The project’s size, location, completion date and name has not been finalised, but it will include hotels, residential property and retail outlets. The development, Ruwaad’s first, is set to be replicated in Asia, the Middle East and Africa. Hayan Merchant, group CEO of Ruwaad Holdings, said,”Paramount will provide the content and we will take it to the market place and make it work.” Executive vice-president and head of Paramount Licensing, Michael Bartok, said, “The ‘signature’ attractions will be based on block-buster films.” Paramount Pictures’ catalogue includes Academy Award-winning films such as Titanic, Braveheart and Forrest Gump, as well as classic and current hits including The Godfather, Breakfast at Tiffany’s, Grease, Saturday Night Fever, Top Gun, Mission Impossible, Charlotte’s Web and Dreamgirls. Earlier this year US children’s TV network Nickelodeon and US film studio Universal said they would open theme parks in Dubai. |
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