Paramount in Deal for Mideast Theme Park

DUBAI/HOLLYWOOD, June 26: Ruwaad Holdings and Paramount
Licensing have reached a new long-term licensing agreement in connection with
the development of a Paramount Pictures-branded theme park in the United Arab
Emirates that would be part of a new $2.5-billion entertainment destination.

Paramount Pictures has agreed to provide Ruwaad Holdings
access to its intellectual property library and its intellectual capital
through the oversight of planning and design aspects. Paramount will not
contribute any finances to the venture.

Ruwaad Holdings will be able to access Paramount library
titles such as the Academy Award-winning films Titanic, Braveheart and Forrest Gump, as
well as classic and current hits that include The Godfather, Breakfast at Tiffany's, Grease,
Saturday Night Fever, Top
Gun, Mission: Impossible, Charlotte's Web, Nacho Libre, and Dreamgirls.

Under the licensing arrangement, International Destination
Brands Limited, an affiliate of Ruwaad Holdings, will be responsible for
funding development and securing a feasible site for the Paramount
Pictures-branded theme park. The planned development will be part of a larger
entertainment destination consisting of boutique hotels and resorts, large
themed retail areas and adjoining lifestyle properties. The branded theme park
will feature rides, shows, and attractions based on Paramount’s library of
motion picture titles, and will also include a blend of Hollywood, Bollywood
and Arabian motion picture entertainment content. A date for the launch of the
park has not been announced.

Ruwaad and Paramount Licensing are also exploring other
development opportunities in select countries within the Middle East and elsewhere.

"We are very excited to collaborate with Ruwaad on a
themed world-class destination in the UAE," said Michael Bartok, the
executive VP and head of Paramount Licensing. "The UAE is a spectacular
center of growing commerce, tourism and entertainment and we look forward to
working together to bring a taste of Paramount and Hollywood to this dynamic
market."