Abu Dhabi Media Company plans to invest $1 billion in Bollywood, Hollywood and other movies, according to the Financial Times.
As part of the new initiative, Abu Dhabi Media Company has formed a new company called imagenation abu dhabi to develop, finance and produce content for both the global and Arabic language markets.
The plan is to invest more than $1 billion over the next five years in full length feature films and digital content.
The launch of imagenation abu dhabi is part of Abu Dhabi Media Company’s strategy to become a global leader in the production of content.
According to Mohamed Khalaf Al-Mazrouei, Chairman of both imagenation abu dhabi and the Abu Dhabi Media Company, setting up a strong global media company is part of the emirate’s strategic investment strategy:
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.
Edward Borgerding, CEO of imagenation abu dhabi and Abu Dhabi Media Company said the goal is to make award-winning films that are commercially successful and appeal to a global audience:
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 centre for content creation. Â
The big question now is with large companies like Reliance ADAG and Abu Dhabi Media Company pumping millions into Bollywood, will the audience get to see better movies and lesser plagiarism of succesful Hollywood and foreign movies.