Hollywood production firm to set up US$ 1 billion film city in Ras Al Khaima.

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13 Jun 2006

Mirage Holdings FZCO, a Hollywood based film production firm, will set up and operate a Film and Media City in Ras Al Khaimah with an investment of US$ 1 billion. CEO of Mirage Holdings FZCO, Michelle Nickelson, signed the deal with RAK Investment Authority (RAKIA) CEO, Dr Khater Massaad for the project recently.

"Mirage Holdings FZCO has been licensed to operate the entire Film and Media City as a UAE Free Zone. To our knowledge, we are the first foreign, private company to be granted permission to operate a full Free Zone of such large dimensions. The Mirage Studio complex sits on 480 acres of exceptional real estate just off the new Emirates Highway in Ras Al Khaima and is a short 25 minute drive to Dubai International Airport. In addition to the production studio, it will have an entertainment shopping center, villas, apartments and office space for rent, a golf course and polo field. The total cost of the project will be close to US$ 1 billion", said Michelle Nickelson.

Mirage Holdings FZCO is closely associated with Manex Entertainment, the visual effects studio which won back to back Academy Awards for the films, 'What Dreams May Come' and 'The Matrix'.

"Visual effects are becoming extremely expensive, with several $200 million plus budget films coming out this year. The biggest cost is not the stars, it is the effects. By being able to fabricate visual effects in Ras Al Khaima using top designers in the US, everyone wins", she added.

Dr Khater Massaad, Advisor to the Ras Al Khaima Crown Prince and CEO of RAKIA, said that Ras Al Khaima Media City has issued free zone licenses to more than 20 companies which include two publishing companies looking at business publications, three television channels, designers, event organizers, advertising agencies and IT based operators, ever since its launch in January 2006.

"Under the visionary leadership and guidance of H.H. Sheikh Saud bin Saqr Al Qasimi, Ras Al Khaimah has been witnessing tremendous progress in all fields and this new project will mark a major milestone in its onward surge", Dr Massaad added.

He said that three films were shot in Ras Al Khaima last year and all of them have been hits. These include '36 China Town', 'Lakshmi', and 'Deewane Hue Pagal', all from India. Sultan Ali Lakhani, a leading businessman from Asia has invested AED 150 million in a television port and up- linking facility which is attracting audio and film studios in large number to Ras Al Khaima including news agencies.