Universal Studios has resurrected a US$2.7bn (£1.65bn) plan to build a new theme park near Seoul in South Korea.

The scheme was originally announced in 2007, but regional authorities struggled to raise the funds amid the global economic crisis.

However, Lotte Group and Posco Engineering and Construction - two of the country's biggest companies - have agreed to finance the project.

The site comprises a movie themepark, waterpark and resort - including a golf course and condominiums - with director Steven Spielberg likely to act as creative director.

Work, to be carried out by Posco, is to begin next year and the park is scheduled to open in 2014.