Ruwaad Holdings and Paramount Licensing have signed a long-term licensing agreement in connection with the planned development of a theme park in the UAE.

Ruwaad Holdings is a real estate, hospitality and tourism investment and development company.

The project would be part of a $2.5 billion destination envisioned to incorporate boutique hotels and resorts, large themed retail areas and adjoining lifestyle properties, said a top Ruwaad official.

'Under the licensing arrangement, International Destination Brands Limited, an affiliate of Ruwaad Holdings will be responsible for funding development for the large-scale destination,' Ruwaad Holdings Group CEO Hayan Merchant said.

'Paramount Licensing will not invest funds, but instead provide access to the vast Paramount Pictures’ intellectual property library – one of the largest of any Hollywood studio – and its intellectual capital through the oversight of planning and design aspects,' he explained.

Paramount Licensing head and executive vice president Michael Bartok said the UAE was a spectacular centre of growing commerce, tourism and entertainment and the company would look forward to working together to bring a taste of Paramount and Hollywood to this dynamic market.

'Paramount Pictures-branded theme park would be the entertainment hub for families as it will feature rides, shows, and attractions based on its rich Hollywood heritage and library of motion picture titles,' he noted.

'The theme park would benefit from Paramount Pictures’ stable of new titles, which would provide the basis for the development of new rides and attractions. It would also be the first-in-the-world to have a unique blend of Hollywood, Bollywood and Arabian motion picture entertainment content to address the family entertainment needs of existing and future global tourism trends,' he said.

Paramount Pictures’ legendary 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, Nacho Libre, and Dreamgirls (a co-production with DreamWorks Pictures),

Ruwaad and Paramount Licensing are also exploring other developments in select countries within the Middle East and elsewhere.

“This destination will have a significant positive economic impact on the community in which it is located. It will contribute to the country’s economic growth by strengthening its tourism and hospitality base, creating jobs for, and providing knowledge transfer to the UAE Nationals in the destination development sector,' Merchant said.

Ruwaad Destinations CEO Darrell Metzger will manage the development aspects of the project. TradeArabia News Service