Image Nation, the media and entertainment company in Abu Dhabi, is partnering with The China Intercontinental Communication Center (CICC). The collaboration will result in the two organisations developing their own film and TV sectors.
Included in the pact will be a film fund worth 300 million USD which will be invested in commercial film and television program from Hollywood, Chinese and other countries across the globe. The fund will be co-managed by both companies over seven years with an initial capital base of 100 million USD.
Michael Garin, CEO of Image Nation, commented: “Image Nation and CICC are complementary entities and our combined expertise will help us further our commitments to building the film and TV industries in our respective countries […] the agreement we signed marks an important step toward achieving our long-term goals. We are excited to have CICC as strategic partners that shares our commitment to building an industry through quality content and sustainable investment strategies”.
On the other hand, HE Mohamed Al Mubarak, chairman of Image Nation Abu Dhabi, said: “Thanks to the close historical relationship between the UAE and China, Abu Dhabi has quickly become the anchor for China’s outreach efforts to the Middle East and North Africa. […] We are honoured to extend Abu Dhabi’s relationship with China into the media industry, a sector of great importance to both countries”.