Wednesday, June 27, 2007

Ruwaad Holdings to develop Hollywood-based theme park in UAE

A Hollywood-based theme park featuring rides on blockbusters from Paramount Pictures like Mission Impossible, Lara Croft and Titanic is likely to be built in UAE.

The list of box-office hits of the legendary California-based box-office hits, also include 'War of the Worlds', 'The Godfather', and the 'Star Trek films.'

The emirate in which this state-of-the-art, Dh.9billion development will be located is yet to be revealed. But it is likely to provide a blend of Bollywood, Hollywood and Arabian films, says the developer Ruwaad Holdings.

Paramount has entered into a deal that permits the Dubai-based firm to make use of its movies and characters as the basis for the simulators, park's rides, shows, and events.

The Chief Executive of Ruwaad Group, Hayan Merchant says "The Paramount Park in the UAE will be the main focus of a family-oriented development which is expected to include shopping centers, lifestyle properties, boutique hotels and resorts."

The project will be entirely funded by Ruwaad and Paramount is not investing in the development, though it will help in planning and designing of the park.

He said that this will boost the inbound tourism and the economic growth of the country and more details regarding the project will be revealed towards the end of the year.

In the meanwhile, both Paramount and Ruwaad are considering other development opportunities in the Middle East and around the World. The Ruwaad Destinations CEO, Darrel Metzger said "We are also looking at other regions, as this project calls for destinations in places such as Malaysia, India, South Africa and the Middle East."

Ruwaad is a wholly owned subsidiary of the Dubai nine group, which operates in twelve countries and four continents.

Also, on the other hand, plans are on, to build another Dh.2.9bn Universal Studios theme park in UAE, based on Hollywood films featuring 'Jurassic Park' and 'King Kong' have been planned in the Dubailand.

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