DUBAI, United Arab Emirates, Sept. 4 (UPI) -- Abu Dhabi Media Company announced it has formed a film company that will develop, finance and produce content for both the global and Arabic-language markets.
The company -- imagenation abu dhabi, a wholly owned subsidiary -- intends to spend more than $1 billion during the next five years in the creation of full-length feature films and digital content, Abu Dhabi Media said Tuesday.
From its base in Abu Dhabi, imagenation abu dhabi is to enter into partnerships with high-profile U.S. and other international producers to develop and produce content for distribution throughout the world. The company said it also plans to support Middle East filmmakers and Arabian film production.
"Abu Dhabi has established itself as a major player in the global economy, as evidenced through recent activity in the energy, real estate and transportation sectors. Media is no different and Abu Dhabi Media Company is fulfilling its ambition to become a global player in the media industry," Mohamed Khalaf Al-Mazrouei, chairman of both imagenation abu dhabi and the Abu Dhabi Media Company, said in a statement.
Edward Borgerding, chief executive officer of the two companies, added: "With imagenation abu dhabi we are bringing Hollywood and the international production community to Arabia. Our aim is to make award-winning films which are commercially successful and appeal to audiences across the world. 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 center for content creation."