The Abu Dhabi Media Company has announced a £500m-plus partnership with Hollywood. The company plans to make eight films a year over the next five years.
Mubadala Development Company, owned by the Abu Dhabi government, bought 5 per cent of Ferrari for £65m in 2005. It is in the process of building the world’s first Ferrari theme park, which will include a motor circuit that will host the first Emirates F1 Grand Prix next year.
Abu Dhabi wants its visitors to see it as a destination of culture, and will open an outpost of Paris’s Louvre museum in 2012.
· Frank Kane is an executive at the Arab Media Group
Abu Dhabi’s royal family made a £210m takeover – headed by Sulaiman al Fahim – of Premier League team Manchester City last week. The next day Brazilian star Robinho was purchased from Real Madrid for £32m. The new owners claim they will make the team ‘bigger than Manchester United’.