Middle East woes Hollywood with financing

Now the petro-dollars are flowing back to the US, with Middle Eastern states taking an interest in Hollywood. It seems like $1bn is the minimum starting sum these days. The government owned Abu Dhabi Media (ADM) will spend that amount on making movies and theme parks in partnership with the likes of Warner Bros. From THR.com:

ADM unit Imagenation Abu Dhabi aims to partner on international film projects and invest in regional talent to create Arabic- and mixed-language content with crossover appeal.

The deal adds to ADM's growing global portfolio, which includes a previously announced film and video deal with Warner Bros. as well as plans for theme park and movie theater projects. ADM's first film under its Warner deal -- the Robert Rodriguez-helmed "Shorts" -- recently went into postproduction.

Based in the UAE capital of Abu Dhabi, Imagenation will assume oversight of the Warners deal, launched last year with twin $500 million funds covering film and video productions. The latest ADM funding is expected to cover 40 projects toting budgets of up to $50 million.

I am now waiting for one of the two US presidential candidates to take a swipe at Hollywood's dependence of foreign oil financing for its all-American entertainment.

Meanwhile the wait for the announcement about the signing of the Ambani-Spielberg/Reliance ADAG-DreamWorks deal continues. It is imminent, I am reliably told.