Paramount signs Mideast park deal

Film studio Paramount Pictures said it had agreed to let Middle East real estate company Ruwaad Holdings build a theme park in the United Arab Emirates using its hit movies such as “Titanic.”

The licensing deal follows a similar pact unveiled in May between Paramount, a unit of U.S. media giant Viacom Inc., and South Korea’s Daewoo Motor Sales Corp., which is building a $1-billion theme park south of Seoul using Paramount movies, characters and content to attract visitors.

Ruwaad said the Paramount park in the United Arab Emirates would be the hub of a $2.5- billion, family-oriented development that was expected to include resorts, boutique hotels and shopping centers.