Imagenation Abu Dhabi and Hyde Park Entertainment have created a strategic alliance with Singapore's Media Development Authority (MDA) to invest an estimated US$75 million (Dh275.4m) to make three to four films over the next five years.
The new venture, which will soon have an office in Singapore, will open Imagenation to eastern markets and strengthen the capital's bonds with its fellow city state, Singapore, said Edward Borgerding, the chief executive of both Imagenation Abu Dhabi and its parent company, Abu Dhabi Media Company, the owner and publisher of The National.
The film deal comes a month after Abu Dhabi's Advanced Technology Investment Company agreed to buy Singapore's Chartered Semiconductor Manufacturing for $1.8 billion. Hyde Park Entertainment, a Hollywood studio led by Ashok Amritraj, announced plans to set up a multimillion-dollar fund based in Singapore in May last year.
Mr Borgerding said Imagenation became part of Hyde Park's plans to open its Asian headquarters in Singapore because "it made a lot of sense to do it that wayā€¯. The two companies formed a $250m film-fund partnership last year. This project will be financed through that fund, in partnership with Singapore's MDA.
MDA was formed in 2003 from the merger of the Singapore Broadcasting Authority, the Films and Publications Department and the Singapore Film Commission. Singapore has since evolved into a broadcast hub with the establishment of 15 out of 17 major international cable and satellite broadcast networks in Asia. It is also home to international electronic games and animation companies such as LucasFilm Animation, Electronic Arts and Ubisoft.
Imagenation was launched in September last year to develop, finance and produce full-length feature films and digital content for Arabic and global markets.
The company has established partnerships with global producers such as Hyde Park Entertainment, National Geographic and Participant Media to develop and create content for distribution internationally, in addition to supporting Middle East filmmakers and Arabian film production.
The company's feature films include Robert Rodriguez's Shorts, Peter Weir's The Way Back, Doug Liman's Fair Game as well as Furry Vengeance and The Crazies. ā€“ The National
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