MGM in Agreement for Abu Dhabi Entertainment Destination

ABU DHABI, March 28:
Sorouh Real Estate has signed an agreement with Metro-Goldwyn-Mayer Studios
(MGM) and Rubicon to explore the development of entertainment destinations for
the Middle Eastern market.

Sorouh, MGM and Rubicon
will develop a varied entertainment platform and creative content for themed
entertainment and leisure facilities, based on MGM’s stable of brands. The
strategic alliance will also explore other business opportunities.

The deal follows MGM
signing a licensing agreement in China last year for MGM Studio World, the
studio's first retail, dining and entertainment center, in Shanghai with
Tianhong Real Estate and Tengxun. MGM Studio World Shanghai is under
construction and targeted to open in spring 2010 to coincide with The World's
Fair Expo in Shanghai.

"We are pleased to
embark on this significant relationship with one of the premier land developers
in the United Arab Emirates," said Harry Sloan, MGM's chairman and CEO.
"MGM's brand and myriad of successful entertainment franchises are
recognized around the world and, in working with Rubicon on this project, we
can develop and create unique entertainment destinations in the region."

Sorouh Real Estate is
currently developing several projects in the region, including Shams Abu Dhabi,
a new self-sustaining city for 55,000 residents.

—By Mansha Daswani