The licensing arm of Paramount Pictures has signed a long-term agreement that will allow United Arab Emirates (UAE) company Ruwaad Holdings to develop a Paramount-branded theme park in the UAE.

The park will feature rides, shows and attractions based on Paramount movies, and will also, according to a Paramount statement, 'have a unique blend of Hollywood, Bollywood and Arabian motion picture entertainment content.' It will be part of a $2.5bn destination envisioned to incorporate boutique hotels and resorts, themed retail areas and adjoining lifestyle properties.

Paramount Licensing will not invest in the venture itself but will provide access to Paramount Pictures' intellectual property library, which includes such films as Titanic, Forrest Gump, The Godfather, Saturday Night Fever and Mission: Impossible.

Ruwaad affiliate International Destination Brands will be responsible for funding development and securing a site for the destination. Paramount and Ruwaad said they are 'also exploring other development opportunities in select countries within the Middle East and elsewhere.'

Ruwaad Holdings, a subsidiary of Dubai 9 Group, is a real estate, hospitality and tourism investment and development company.

The Paramount park news follows the early-June announcement by Universal and Warner that they are to build a Harry Potter attraction at Universal's Florida theme park.