China Intercontinental Communication Center (CICC) and Image Nation Abu Dhabi have inked a deal for setting up a $300 million fund, which will be used for the joint development of movies and TV shows. The content will be produced in China, the United Arab Emirates, Hollywood, and other countries.

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CICC, a Chinese government backed company, and Image Nation will co-manage the seven-year fund called Culture China - Image National Content Fund. The agreement was signed by Image Nation chairman Mohammed Al Mubarak, CICC Deputy Director Jing Shuiqing, UAE Ambassador to China Omar Al Bitar, and US executive Michael Garin, who will join to run the fund.

Both CICC and Image Nation will equally contribute to the initial capital base of $100 million. The partnership will also look for other China-based partners. Such new partners will be allotted limited equity interest.

"It is our belief that this partnership between CICC and Image Nation will become a model for cooperation between Chinese and Arab media organisations," CICC said in a statement.

CICC and Image Nation will also collaborate for producing a China centric factual entertainment series. The show will be aired in the Middle East and North America. Apart from the show, both the companies will also fund a program to train Chinese and Emirati TV executives. The partnership will also co-produce original contents.

CICC already collaborated with more than 70 media companies in nearly 30 countries. Its most notable deals are with prominent corporations such as NBC, National Geographic, and ITV. Image Nation also has collaborations with various foreign firms including Walter Parkes and Ashok Amritraj's Hyde Park. 

TagsIntercontinental Communication Center, Image Nation Abu Dhabi, National Geographic