$300M FILM FUND SET UP IN THE UAE
Image Nation partners with Chinese firm
Abu Dhabi-based media and production company Image Nation has announced a multimillion dollar partnership deal with China International Communication Centre (CICC).
Image Nation, the production arm of TwoFour54, has penned an agreement with the Chinese film and TV production organisation to set up an international film fund worth $300 million.
The seven-year fund, with an initial capital base of $100 million, will facilitate investments in commercial film and television programmes from Hollywood, China and other countries.
Having already invested in movies such as Bollywood blockbuster My Name is Khan, Hollywood films The Circle and 99 Homes and produced documentaries for global audiences such as He Named Me Malala, Image Nation CEO Michael Garin said profits from such ventures are helping the company become self-sustained. He said: “We have had a long and successful track of investing in international co-productions and the profits from these investments have allowed Image Nation to subsidise our local production activities and build a sustainable film and TV industry in the UAE.” The two countries will also partner on producing original content in Arabic about the Silk Road regions in a bid to reach an Arabic-speaking audience. A weekly factual pro- gramme on China’s One Belt, One Road initiative, USILK, that aims to build stronger economic and cultural ties between China and Eurasia, will be aired on the free Quest Arabia TV channel in 2017.
Jing Shuiqing, Vice President of CICC, said the new initiative will build on strong UAEChina relations.
He said: “China and the Arab region have fostered great friendship through the ancient Silk Road and today, due to the initiatives of our leaders, there are so many opportunities for collaboration between UAE and China.
“We need to bring out the story of the Silk Road and have more people communicating about it.
“Amid the current strong relations between UAE and China, this deal is another stage for deeper relations and co-operation between the two nations.”
In December 2015, the UAE and China launched a $10 billion strategic investment fund to make deals around the world. The fund aimed at seeking investments in areas including infrastructure, technology and manufacturing.