Thursday, October 9, 2008

Walt Disney is expanding planning to expand its business into the Middle East

The Walt Disney Company (NYSE:DIS), the famous American entertainment company, is going to expand its business in the Middle East. Arab countries have a population of 300 million, two thirds of which are below thirty years of age. This makes the region an ideal market for family friendly movies. The company is now negotiating with Lebanese movie maker, Chadi Zeineddine, to finance and produce its first movie in the Middle East, The Last Storytellers. The movie will go into production by the end of 2009. Another movie, Pic, will be produced by Rachel Gannon. The story of Pic will be based on Arabic folk tales.

Walt Disney Company has big plans for Middle East. A Disney executive said:

"There’s a lot of opportunity for us in the Middle East,…..There’s a lot of room for growth for us. It’s the international territory that we’re most excited about expanding into."

Walt Disney has major plans for the Middle East.In the upcoming Dubai Film Festival in December, Walt Disney is going to announce two other Arabic-language movies.

Aside from Walt Disney, other movie studios are also planning to expand their business in the Middle East. Fox Filmed Entertainment chairman, Jim Gianopulos, went to Abu Dhabi this week to join the annual financing and training confab. News Corp. and Fox jointly launched two English language channels in the Middle East.

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