$500 million fund to be established

DUBAI — The project will also include a 6,000 acre theme park, Financial Times said.

By A Staff Reporter

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Published: Fri 28 Sep 2007, 10:01 AM

Last updated: Sat 4 Apr 2015, 11:45 PM

Abu Dhabi will also establish a fund of $500 million to co-finance production of Warner films — a figure that could grow over time.

Time Warner declined to comment on financial aspects of the deal, but said it was unprecedented in the scope and breadth of activities being undertaken. It is also significant, they said, in that it marked a long-term commitment to the Middle East by Hollywood 's largest studio.

Ahmed Ali Al Sayegh, chairman of Aldar, said building a media hub would increase Abu Dhabi 's competitive advantage in the region, and forge a stronger relationship with the west.

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