ABU DHABI, United Arab Emirates, March 27 /CNW/ -- Sorouh Real Estate,
one of the largest real estate developers listed on the Abu Dhabi Securities
Market with a market cap close to AED 24 billion ($6.5 billion USD), today
announced it has signed an agreement with Metro-Goldwyn-Mayer Studios Inc.
(MGM) and Rubicon, Inc. (Rubicon) to explore the development of entertainment
opportunities within Sorouh's real estate portfolio.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011119/MGMLOGO )
The first project, intended to be a large-scale entertainment
destination, is to feature unique concepts and will establish new industry
benchmarks, by presenting a blend of western and Middle Eastern cultures and
traditions that are unique to the region.
Sorouh Real Estate Vice Chairman and Director General of the Abu Dhabi
Authority for Culture and Heritage, Mohammed Khalaf Al Mazrouei said: "Through
our partnership with MGM and Rubicon, we hope to leverage the unique
opportunities available within our real estate portfolio and, ultimately,
raise the profile of the entertainment destinations offered by Sorouh for the
Emirate of Abu Dhabi. Both MGM and Rubicon are well known and respected
players in the entertainment industry and we are extremely proud to have been
given the opportunity to be part of such a unique alliance."
This agreement marks a new phase in the location-based entertainment
space for MGM announced in the past twelve months. In spring of 2007, MGM
signed a licensing agreement for MGM Studio World, the studio's first retail,
dining and entertainment center in Shanghai with Tianhong Real Estate and
Tengxun. MGM Studio World Shanghai is under construction and targeted to open
in spring 2010 to coincide with The World's Fair Expo in Shanghai.
Sorouh Real Estate, committed to the development of tourism in Abu Dhabi,
is currently developing several projects in the region including Shams Abu
Dhabi; a completely new self-sustaining city for 55,000 residents -- a city of
canals and parks which integrates world-class master planning practices and
extends the lush green of Abu Dhabi's landscape; in addition to numerous
mixed-use developments throughout Abu Dhabi.
Working collaboratively, Sorouh, MGM and Rubicon will develop a broad and
varied entertainment platform and creative content for a high quality themed
entertainment and leisure facilities. The collaboration will take a phased
approach to creating and implementing entertainment concepts and theme-related
real estate developments. The strategic alliance will also explore other
business opportunities, seeking to establish a long-term, multi-faceted
Mr. Al Mazrouei said: "This partnership is a testament to Sorouh's
continuous commitment to providing added value to both customers and investors
alike. It is our hope that this partnership will enhance Sorouh's position to
further cement Abu Dhabi's reputation as a leading tourism and lifestyle
"We are pleased to embark on this significant relationship with one of
the premier land developers in the United Arab Emirates," said Harry Sloan,
MGM's Chairman and CEO. "MGM's brand and myriad of successful entertainment
franchises are recognized around the world and, in working with Rubicon on
this project, we can develop and create unique entertainment destinations in
Fawaz H. Zu'bi, Chairman of Rubicon, said: "Rubicon is truly proud to be
a partner in this very important program. We see the clear vision of Abu
Dhabi's government and understand the underlying desire of Sorouh to create a
balanced environment integrating relevant aspects of culture, media and
entertainment in their developments to meet the needs and desires of coming
generations in the United Arab Emirates as well as the region. Along with
MGM, we will work to create such a balanced environment with a view to serve
the long term objectives of our partners."
MGM, a worldwide producer and distributor of motion pictures, television
programming, home video, interactive media, music and consumer products,
signed an agreement with Jordan-based Rubicon to start a relationship that
involves the establishment of a consumer products business throughout the
Middle East and North Africa region as well as location-based entertainment
initiatives. The pairing of MGM and Rubicon aims to further the growth of the
entertainment industry throughout the region.
About Sorouh Real Estate P.J.S.C.
Abu-Dhabi based Sorouh was established on 26 June 2005, with a capital of
AED 2.5 billion. Today, it is one of the largest real estate developers listed
on the Abu Dhabi Securities Market with a market cap close to AED 24 billion.
It is one of the most widely-held issues with approximately 40,000
shareholders. Sorouh employs in excess of 200 highly qualified professionals
operating in the field of master-planning and master-development.
Sorouh now has in excess of AED 45Bn of projects under development. These
SHAMS Abu Dhabi, Sorouh's flagship project -- a AED 25Bn landmark
development on Al Reem Island. A complete new city for 55,000 residents, SHAMS
Abu Dhabi will be a self sustaining city of canals and parks which integrates
world-class master planning practices and extends the lush green of Abu
The Gate District at SHAMS Abu Dhabi -- a cluster of eight towers located
at the entrance to SHAMS Abu Dhabi. Architecturally renowned worldwide, the
AED 11Bn residential, office and retail development is designed as a gateway
to the peninsula from Al Reem Island. The Gate District also includes the 74
storey Sky Tower which will be a pinnacle of luxury for its residential and
commercial occupants when completed. Located next to the Sky Tower, the 65-
storey Sun Tower is home to elegant residential spaces with captivating views
of the Gulf and Abu Dhabi skyline.
Alghadeer - a development located in Saih As Sidairah between Abu Dhabi
and Dubai. Expected to be home to over 18,000 people, the 3 million sq m site
is a complete community offering easy access to the UAE's commercial centers
airports and ports.
Sorouh is also developing the Golf Gardens close to the Abu Dhabi Golf
Club, the Tala Tower on Al Reem Island, Saraya development on the Abu Dhabi
Corniche as well as the Abu Dhabi Aviation Authority residential project and
the Al-Shamkha national housing project.
In addition to other achievements, Sorouh was awarded three prestigious
accolades during 2007. It won the "Best New Business" category at the Middle
East Business Achievements Awards, the "Cityscape Best Commercial Project" for
the Gate District, and also won the "CNBC Arabian Property Award" for Best
development for Central Park at Shams Abu Dhabi.
In 2008, Sorouh was awarded the "Best Customer Service Company - Real
Estate category" by the Middle East Excellence Awards Institute. The award
recognizes Sorouh for its unmatched customer care and for the innovative
services provided to its customers.
These awards are indications of the positive direction Sorouh has taken
and will always continue to take forward.
About Metro-Goldwyn-Mayer Inc.
Metro-Goldwyn-Mayer Inc., through its operating subsidiaries, is actively
engaged in the worldwide production and distribution of motion pictures,
television programming, home video, interactive media, music and licensed
merchandise. The company owns the world's largest library of modern films,
comprising around 4,100 titles. Operating units include Metro-Goldwyn-Mayer
Studios Inc., Metro-Goldwyn-Mayer Pictures Inc., United Artists Films Inc.,
Ventanazul, MGM Television Entertainment Inc., MGM Networks Inc., MGM Domestic
Networks LLC, MGM Distribution Co, MGM International Television Distribution
In, Metro-Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE, MGM Music, MGM
Worldwide Digital Media, MGM Consumer Products and MGM Interactive. In
addition, MGM has ownership interests in international TV channels reaching
nearly 120 countries. MGM ownership is as follows: Providence Equity Partners
(29%), TPG (21%), Sony Corporation of America (20%), Comcast (20%), DLJ
Merchant Banking Partners (7%) and Quadrangle Group (3%). For more
information, visit www.mgm.com.
Rubicon is the MENA Region's premier company in interactive multimedia e-
education and 3D animation/ CGI. Since its inception, Rubicon has gone full
thrust in the creation and development of innovative entertainment and
edutainment solutions based on cutting edge technologies in the fields of
multi-media programming and CGI.
For more information, please contact:
Executive Vice President, Corporate Communications
Assistant Marketing Manager
Sorouh Real Estate P.J.S.C.
Junior Account Executive
Hill & Knowlton
PR & Corporate Outreach
For further information:
For further information: Jeff Pryor, MGM, +1-310-449-3446; Shaza Albein,
Sorouh Real Estate, +971-2-6978956; Farah Nami, Hill & Knowlton,
+971-4-3344930; Yasmine Muna, Rubicon, +962-6-4655300 Web Site: