Alnoor Holdings, a Qatari media group, yesterday launched a $200 million fund to finance and produce up to 15 features for the international market in the next five years.
The Fund intends to take advantage of the challenging conditions in the capital markets and the film industry to invest in high quality film projects involving Hollywood talent generating the best potential returns. Alnoor Holdings will invest $40 million into the fund directly, with the remaining coming from private investors across the Gulf region - Variety is reporting.
Their full press release follows
Alnoor Holdings (Alnoor), the Qatari media group, launches formally with the aim of taking advantage of the growing economic importance of audio-visual entertainment and becoming the most dominant international media and entertainment player.
Qatar: Saturday, October 31 - 2009
Alnoor Holdings was set up in 2009 on the initiative of a group of prominent businessmen in Qatar to provide inspirational, responsible and commercially successful entertainment on a global scale.
Alnoor has three main business lines: international production, Arabic production, and animation.
A business plan geared towards rapid growth has been developed through a series of partnerships with prominent industry organisations. Formal relationships with the Financial Times and South East Media Network (UK) have been inked.
A number of prominent figures from the US, UK and Arab film worlds have flown in to Doha to attend the launch. Among those present are Colin Brown, British Film Commissioner; Ivan Dunleavy, CEO of Pinewood Shepperton studios, and representatives from the Aramid Film Fund.
The Alnoor Fund has been established as part of the international production division and will have an initial capitalisation of $200m.
The Fund intends to take advantage of the challenging conditions in the capital markets and the film industry generally to invest in high quality film projects generating the best potential returns involving Hollywood talent.
"Alnoor Holdings has positioned itself as an all-encompassing global media organization to effectively penetrate local, regional and international markets with content that is highly appealing and inspirational to the respective audiences. We have made significant commitments in terms of investment, acquisition of media content and human resources to move forward rapidly and are fully confident that we will satisfy a sizeable audience in a very short timeframe,"
said Mr Ahmed A. Al-Hashemi, Chairman of Alnoor Holdings, commenting on the launch.
Notes and media contacts
About Alnoor Holdings:
The company is made up three main divisions:
This line of business will concentrate on the production of English language films or other content of high international quality which will be undertaken by ourselves or through co-production or other methods. Alnoor has adopted international best practice in establishing the Alnoor Fund which will give it an easily recognized mechanism to invest in major international productions.
This line of business will focus on:
· Feature films;
· Drama or series;
· TV programmes.
Such productions will generally be of a much higher quality than is available in the Arabic market. Depending on the nature of the production and its subject matter, such production will also be authored in other languages.
This comprises of animations, and related merchandising currently in the Arabic language but this may be available in other languages as necessary. The acquisition of the largest animation operations in the Middle East gives Alnoor significant market presence in the animation business which it will exploit in the near term to ensure that it is recognized as a serious business on the international stage.
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