A Paramount Pictures-branded theme parks is set to be developed in the United Arab Emirates following the signing of a long-term licensing agreement between Paramount Licensing and real estate, hospitality and tourism investment company Ruwaad Holdings.

The theme park would be part of a $2.5bn destination including boutique hotels and resort, themed retail areas and lifestyle properties.

Ruwaad Holdings will be responsible for funding the theme park development and securing a site. Paramount will not invest any funds, but will provide access to its intellectual property library – including films such as Titanic, Braveheart, Forrest Gump, The Godfather, Breakfast at Tiffany's, Grease, Saturday Night Fever, Top Gun and Mission: Impossible – and oversee planning and design aspects.

A joint statement released by Paramount Licensing and Ruwaad said: “The Paramount Pictures-branded theme park would be the entertainment hub of the family destination, featuring rides, shows, and attractions based on its rich Hollywood heritage and library of motion picture titles.

“The theme park will benefit from Paramount Pictures' stable of new titles, which would provide the basis for the development of new rides and attractions.

“It would also be the first in the world to have a unique blend of Hollywood, Bollywood and Arabian motion picture entertainment content to address the family entertainment needs of existing and future global tourism trends.”

Hayan Merchant, group chief executive officer of Ruwaad Holdings, added: "We are extremely pleased to be working with one of the world's largest entertainment companies on an extensive program that will transform the destination development landscape across a vast region of millions of consumers.

"This destination will have a significant positive economic impact on the community in which it is located. It will contribute to the country's economic growth by strengthening its tourism and hospitality base, creating jobs for, and providing knowledge transfer to the UAE Nationals in the destination development sector. Moreover, such projects provide a tremendous platform to achieve solid investment returns. Historically, destinations of this nature create far more sustainable returns to retail, hospitality, commercial and residential investments than those properties would receive outside of such a development."

Darrell Metzger, CEO of Ruwaad Destinations, will manage the development aspects of the project. Metzger has previously worked for the Walt Disney Co, the 1984 Los Angeles Olympics, and, most recently, the Sentosa Islands in Singapore. Metzger is also the vice-chairman of the International Association of Amusement Parks and Attractions (IAAPA).