Green Energy
... it's gonna suck even more now:
Fresh from buying into English Premier League football, Abu Dhabi has its eye on another trophy.
The emirate on Wednesday set out plans to become one of the world’s largest film producers, with $1bn to invest in productions to be made in Hollywood, Bollywood and beyond.
The funding, provided by Abu Dhabi’s government, will allow the Gulf state to back up to eight films a year over the next five years, Edward Borgerding, chief executive of the Abu Dhabi Media Company told the Financial Times.
ADMC has set up a company, called imagenation abu dhabi, to manage its film investments.
Confirming a report in the Financial Times, the new company on Wednesday said in a statement: “Our target output of eight films every year will make imagenation abu dhabi one of the world’s top producers of feature films and establish Abu Dhabi as a leading centre for content creation.”
Some Hollywood studios are struggling to replace the funds that rushed in from private equity and hedge funds in recent years. Metro-Goldwyn-Mayer last month hired Goldman Sachs to “explore enhancements” to its long-term capital structure, amid reports Merrill Lynch was wavering in its commitment to finance MGM’s United Artists studio.
Abu Dhabi is seeking to usurp Dubai as the region’s leading media hub. The Islamic state remains wary of some western content, however, only agreeing to show edited versions of Syriana, the George Clooney film, because it feared that it would show the Gulf in a negative light.
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The Boston Herald's brought up the valid worries of censorship that could consume Hollywood, not just because they're allegedly afraid of terrorist attacks, but also because they're worried about money: Freedom of speech is under attack, but,...
- The Dark Side Of Dubai: Part 2
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- Citigroup Sells Out To United Arab Emirates
No iceberg can sink this ship, right? Nov. 27 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market...
- Largest Solar Power Plant
The oil-rich United Arab Emirates (UAE) officially opened the world’s largest concentrated solar power plant “Shams-1”. This is the largest solar power plant in the world with the capacity of 100 MW. The plant includes a huge field of parabolic...
Green Energy
If You Thought Hollywood Sucked Before ...
... it's gonna suck even more now:
Fresh from buying into English Premier League football, Abu Dhabi has its eye on another trophy.
The emirate on Wednesday set out plans to become one of the world’s largest film producers, with $1bn to invest in productions to be made in Hollywood, Bollywood and beyond.
The funding, provided by Abu Dhabi’s government, will allow the Gulf state to back up to eight films a year over the next five years, Edward Borgerding, chief executive of the Abu Dhabi Media Company told the Financial Times.
ADMC has set up a company, called imagenation abu dhabi, to manage its film investments.
Confirming a report in the Financial Times, the new company on Wednesday said in a statement: “Our target output of eight films every year will make imagenation abu dhabi one of the world’s top producers of feature films and establish Abu Dhabi as a leading centre for content creation.”
Some Hollywood studios are struggling to replace the funds that rushed in from private equity and hedge funds in recent years. Metro-Goldwyn-Mayer last month hired Goldman Sachs to “explore enhancements” to its long-term capital structure, amid reports Merrill Lynch was wavering in its commitment to finance MGM’s United Artists studio.
Abu Dhabi is seeking to usurp Dubai as the region’s leading media hub. The Islamic state remains wary of some western content, however, only agreeing to show edited versions of Syriana, the George Clooney film, because it feared that it would show the Gulf in a negative light.
- Italy Covers Nude Statue To Avoid Offending Sheikh’s Delicate Islamic Sensibilities
From the Local: A naked statue in Florence was covered by the Italian premier Matteo Renzi’s team so as not to offend the visiting crown prince of Abu Dhabi on Wednesday. Mohammed bin Zayed bin Sultan Al Nahyan, whose family’s wealth is estimated...
- Attacks In Paris And On Sony Raise Fears Of Censorship
The Boston Herald's brought up the valid worries of censorship that could consume Hollywood, not just because they're allegedly afraid of terrorist attacks, but also because they're worried about money: Freedom of speech is under attack, but,...
- The Dark Side Of Dubai: Part 2
The sun is always shining in the UAE. There is hardly ever a chance of rain and never a chance of snow. In this barren wasteland, all that can be seen under the shining sun for miles is either sand or steel and concrete structures. Dubai, the so-called...
- Citigroup Sells Out To United Arab Emirates
No iceberg can sink this ship, right? Nov. 27 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, will receive a $7.5 billion cash infusion from Abu Dhabi to replenish capital after record mortgage losses wiped out almost half its market...
- Largest Solar Power Plant
The oil-rich United Arab Emirates (UAE) officially opened the world’s largest concentrated solar power plant “Shams-1”. This is the largest solar power plant in the world with the capacity of 100 MW. The plant includes a huge field of parabolic...