China and Abu Dhabi partnership to invest in film and television
China Intercontinental Communication Center and Abu Dhabi’s Image Nation have come together to form a new long-term strategic partnership which will include a new international film and TV programming fund and training opportunities.
The international fund – which will be known as The Culture China - Image Nation Content Fund – is due to launch with an estimated US$300m for investment in mainstream film and TV programming from Hollywood, China and other countries worldwide.
The seven-year fund has an initial capital base of $100m, contributed equally by the two founding organisations, and will seek other China-based partners in return for limited partnership interests as it develops. Image Nation is already an active investor in international co-productions.
As well as the film and TV fund, the alliance aims to nurture new industry talent and to develop a television programming strand which will be expanded from local to international co-productions over time.
CCIC and Image Nation also demonstrate their commitment to train and develop up-and-coming media talent in both the UAE and China, starting with secondments at the two companies themselves. In the future the scheme will open out to include opportunities for internships, mentoring and technical training.
The agreement was signed in Abu Dhabi, in the presence of Mohammed Al Mubarak, chairman of Image Nation; Michael Garin, CEO of Image Nation; Mr Jing Shiquing, vice president of CICC; and Omar Al Bitar, vice president of Emirates Diplomatic Academy.
HE Mohamed Al Mubarak said of the new partnership: “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.
At the start of this year I had the pleasure of visiting China with a delegation from the UAE and spent time with our new partners at CICC, where I saw first hand the impressive developments in the Chinese film and television industries. We are honored to extend Abu Dhabi’s relationship with China into the media industry, a sector of great importance to both countries.”