Lawfuel – The Legal Newswire – Dubai & London – – Allen & Overy LLP has advised Ruwaad Holdings, the UAE developer, a wholly owned subsidiary of Dubai 9 Group, on a long-term licensing arrangement with Paramount Pictures for the development of a world-class theme park in the Emirate of Dubai.
International Destination Brands Limited, an affiliate of Ruwaad Holdings, will be responsible for funding the project. The theme park will form part of a USD2.5 billion development comprising hotels, resorts, retail areas and residences.
In accordance with the licence arrangement, Paramount Pictures is to grant Ruwaad access to Paramount Pictures’ intellectual property library. The theme park will consist of well-known Hollywood ‘signature’ attractions based on blockbuster films.
The Allen & Overy team was led by Dubai-based corporate partner Pervez Akhtar and London-based IP partner Colleen Keck, assisted by Nigel Parker and Mazhar Khan.
Commenting Pervez Akhtar said: “This theme park will be the first of its kind in the region, and we are pleased to have advised Ruwaad Holdings on what will be a major development for Dubai. The deal involved two offices from our global network working together to deliver seamless advice to our client”.
For further information please contact Karen Levin (karen.levin@allenovery.com) on +44 (0)20 3088 4341.
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1. Allen & Overy is an international legal practice with approximately 5,000 staff, including some 470 partners, working in 24 major centres worldwide.
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