New York - Warner Bros. Entertainment said this week that, along with its partners, it will invest over $1 billion in a joint venture with partners Aldar Properties and Abu Dhabi Media, which will develop films, video games, a theme park and other properties in Abu Dhabi.

A spokesman for Warner Bros., a unit of Time Warner, told Reuters that Warner and its partners will invest $500 million into the film development project, and another $500 million in a fund for video games, with the total investment to be worth "multi-billions" of dollars.

The joint venture will produce films both in English and Arabic, and a slate of 75 or more video games over a ten-year period that Warner Bros. will distribute globally.

"This is a region of the world we have looked at, thought about, but never participated in in any meaningful way," Warner Bros. chairman and CEO Barry Meyer told Reuters.

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http://tinyurl.com/yw78xh (Reuters)